NEW YORK (
confirmed Wednesday it is raising the size of its initial public offering by 31%.
GM, in a statement Wednesday, said it was increasing the planned offering to 478 million common shares from the previously expected 365 million shares.
The IPO is expected to price at between $32 and $33 per share, up from the original expected range of $26 to $29.
The offering is expected to price on Wednesday night with the stock then making its market debut on the
New York Stock Exchange
According the the
, most of the additional shares would be sold by the U.S. government, which bailed out GM and will still own about 33% of the automaker after the offering's completion.
also noted the bankers handling the sale are expected to offer another 72 million shares up to the public, bringing the total expected amount of stock to be sold in the IPO to 550 million shares, which would raise around $18 billion.
The GM IPO could be the largest in history for a U.S.-based company,
Written by Michael Baron in New York.
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