GM IPO May Go to Morgan Stanley, JPM

JPMorgan Chase and Morgan Stanley are expected to lead General Motor's $10 billion IPO, according to reports.
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NEW YORK (

TheStreet

) --

General Motors'

(GM) - Get Report

coveted IPO will likely be assigned to

JPMorgan Chase

(JPM) - Get Report

and

Morgan Stanley

(MS) - Get Report

in the lead underwriting slots, according to several reports.

The IPO date, originally set for July 10, has been delayed until at least the fourth quarter, Treasury Department officials said earlier this week.

The stock offering is expected to raise as much as $10 billion.

Still, the underwriting job isn't likely to be a lucrative one. Citing an anonymous source,

The Wall Street Journal

reported Friday that the banks garnering the assignment could make as little as 1% total on the deal, a relatively small cut.

The U.S. Treasury, which owns about 61% of General Motors as a result of the bailout, had recently said that it would mandate the fees paid to the IPO's underwriters.

--Written by Jeanine Poggi in New York.

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