GM’s Delphi Unit Plans Stock Offering

General Motors Corp.’s auto parts unit, Delphi Automotive Systems Corp., said it plans to sell 17.7% of its common stock to the public, raising about $1.5 billion to help build its business beyond GM. Delphi, the world’s largest auto parts maker, will seek to sell 100 million common shares through the initial public offering, according to its Securities and Exchange Commission filing. GM will hold 465 million shares. The shares would be marketed at $14 to $18 each, giving Delphi an initial market value of as much as $10.2 billion. At $16 a share, the Troy, Mich.-based company would raise $1.53 billion after expenses to use as it pursues independence from GM, which now generates 82% of its revenue. GM has said it expects the sale to occur in the first quarter. The IPO underwriting group is led by Morgan Stanley Dean Witter & Co. GM shares fell $1.38 to close at $72.50 on the NYSE.