Delphi Automotive Plc will be seeking to raise as much as $578 million in its IPO. Persons with access to this knowledge say that the benefit will push the company’s worth to about $7.88 billion. Delphi Automotive was formerly under General Motors Co.

According to a filing with the U.S. Securities and Exchange Commission, the company is to sell 24.1 million shares at $22 to $24 a share. The filing also has it that Paulson & Co., a hedge fund run by John Paulson, will be expected to sell 20.6 million shares, the largest stake in the company.

Turbulence in the automobile industry and global markets has not discouraged Delphi from hosting its IPO. This third quarter only, several companies including Wilbur Ross’s International Automotive Components Group have cancelled their IPOs valued at $8.9 billion. Wilbur postponed his company’s IPO to January 2012.

The Michigan-based Delphi will start marketing to investors this week, according to sources privileged with the information. The shares are expected to start trading come 17th of November. According to one of the sources, Delphi, which is registered in Gillingham, U.K., planned to offer more than $1 billion in shares.

According to the filing, Delphi Automotive Plc will have an outstanding 328.2 million shares. Working with $23, the average share price, the company would be worth around $7.55 billion.

The Option of Overallotment

Selling shareholders will also seek to sell over 3.61 million shares at $22 – $24 a piece during the IPO.

Delphi Automotive is one of the largest auto-parts company in the U.S. It escaped bankruptcy in late 2009 to become a more profitable, self-sustained and rapidly growing auto-parts Company. The company benefited from the recovery in the U.S Auto Industry as evinced by GM and Tesla Motor Inc. IPOs held last year. The turbulence in global markets has since dealt GM shares a 36-percent loss. The same has driven down Tesla Motors Inc.’s shares by 33 %.

The Delphi IPO will be led by JPMorgan Chase & Co. and Goldman Sachs Group Inc. The shares will go up on the stock market under the symbol “DLPH”.