TROY, Mich.—Auto parts maker Delphi, a former General Motors division, said Thursday that it raised nearly $530 million in an initial public offering of its stock.
Shares priced at $22 each, the low end of the expected range of $22 to $24.
Delphi won't get any of the proceeds, because shareholders sold all 24.1 million shares in the offering.
The IPO gives Delphi an initial market capitalization of $7.22 billion.
Underwriters may buy 3.6 million more shares from shareholders if there's heavy demand from investors.
The stock is expected to begin trading Thursday on the New York Stock Exchange under the symbol "DLPH."
Delphi Automotive PLC makes powertrains, heating and air conditioning systems, safety components and electronics. The Troy, Mich., company will be making its return to a major stock exchange for the first time since it filed for bankruptcy protection six years ago.
GM spun off Delphi in 1999, and the company filed for bankruptcy court protection in 2005, weighed down by high labor costs, production cuts at GM and increasing foreign competition. After four years, it exited court protection when it was acquired by private investors.
In restructuring, Delphi cut thousands of jobs, slashed costs and sold off plants and businesses. The former GM parts division no longer employs members of the United Auto Workers union. About 91 percent of its hourly workers are in low-cost countries. The company also terminated its pension plans and no longer offers health insurance for retirees or employer-paid life insurance.
Most of the shares Delphi sold belonged to hedge fund manager John Paulson's Paulson & Co., which owned a 22 percent stake in the company before the IPO. Other investment firms also sold shares.