Delphi stock falling after IPO raises $530M

TROY, Mich. (AP) ? Shares of auto parts maker Delphi are falling in their first day of trading after an initial public stock offering.

The former General Motors Co. division priced its shares in the IPO at $22 each. That was the low end of the expected range of $22 to $24.

Delphi Automotive PLC, based in Troy, Mich., won't get any of the proceeds from the $530 million IPO. Stockholders sold all 24.1 million shares in the offering.

The stock is trading Thursday morning on the New York Stock Exchange under the symbol "DLPH." Shares are down 1.5 percent, or 33 cents, at $21.67.

GM spun Delphi off in 1999. The company was forced into bankruptcy protection in 2005 but emerged four years later.

Associated Press

Source: http://hosted2.ap.org/APDEFAULT/f70471f764144b2fab526d39972d37b3/Article_2011-11-17-US-Delphi-IPO/id-4a706d037d9b47098b451d0d422dcbbd

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