GM Boosts Offering Price
GM has boosted the offering price of its IPO to between $32 and $33.
DETROIT (
) --
General Motors
said it has increased the estimated offering price for its shares to between $32 and $33.
Previously, the estimated offering price range for the 365 million shares of the company were between $26 and $29.
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The company also said it had increased the proposed size of its Series B mandatory convertible junior preferred stock offering from $3 billion to $4 billion. The offering consists of 80 million shares, excluding the amount that underwriters may purchase to cover over-allotments.
Final terms for both offerings will be determined at the time of pricing.
-- Written by Ted Reed in Charlotte, N.C.
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Ted Reed
