GM IPO Size Raised; Treasury Stake Could Drop To 33%

General Motors Co. said Wednesday that 31% more stock will be sold by current owners through the auto maker's initial public offering than first planned, further signaling the deal's strong demand from investors ahead of Thursday's expected return to the stock market.

The announcement, made in a filing with the Securities and Exchange Commission, comes a day after GM said the IPO's estimated price was raised to $32 and $33 a share from $26 to $29 as the company will sell $1 billion more convertible preferred stock than first anticipated. The IPO is slated to price Wednesday night.

Under the increased IPO size, the Treasury Department would see its stake reduced to as little as 33% from the current 61%. Canada ownership would fall to as low as 9.3% from 12% while the United Auto Workers' stake would decline to 13% from 20%.

Read Full Article from Wall Street Journal

- Posted: 2010-11-17 09:32:16

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