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J.P. Morgan raises $10B in stock offering

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Published September 26, 2008 at 10:10 AM
Fresh off its acquisition of Washington Mutual Inc.'s assets for the bargain price of $1.9 billion, J.P. Morgan Chase & Co. shot past its original $8 billion target for its common stock offering Friday morning, as strong demand allowed the bank to increase the size to $10 billion.

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Bloomberg reports that the bank sold 246.9 million shares for $40.50, a 6.8% discount to Thursday's closing price of $43.46. The capital raise was done to offset an estimated $8 billion in credit provisions, write-downs and losses that  J.P. Morgan expects to take in the third quarter. Shares of J.P. Morgan were down 1.3% to $42.90 in morning trading. - George White

See story from Bloomberg
See Dealscape post on J.P. Morgan acquisition



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