Two Years After Exiting Bankruptcy, Delphi Automotive Files for IPO

Delphi Automotive, a former part manufacturing company of General Motors Company (NYSE: GM), registered for its initial public offering Wednesday, with one source noting the possibility of raising more than $1 billion.The filing was registered with a $100 initial amount, but is used by companies to notify investors and calculate fees. The offering's final size may vary, Delphi noted.According to a Bloomberg report, "Delphi, once the largest U.S. auto-parts maker, exited bankruptcy restructuring in October 2009. Delphi has since become more profitable, reduced its dependence on its former parent and expanded in fast-growing emerging markets. It's also benefited from the recovery in the U.S. auto industry, highlighted by last year's IPOs of GM and Tesla Motors Inc. (TSLA), the first U.S. automakers to go public in more than 50 years."Lenders and private equity firms now hold a controlling interest in the company. The funds raised will go toward capital investment, retiring debt and other business purposes.Delphi holds manufacturing sites and customer support facilities in 30 countries, is expected to trader under the ticker "DLPH."The Bloomberg report notes that "Revenue climbed 17 percent to $4 billion. Delphi reported profit of $631 million last year on revenue of $13.8 billion. Sales this year will be $14.5 billion to $15 billion, the company said May 10. The company has 91 percent of its hourly workers in low-cost countries."