may sell preferred stock alongside its
of common shares,
reports, citing a draft of the automaker's regulatory filing and two people briefed on the plan.
GM would get proceeds from the preferred offering and won't sell shares itself in the common offering, according to the draft and the people,
The preferred shares were added to attract hedge funds and other new investors because the shares have attributes of both debt and equity, people familiar with the plans told
GM reportedly will seek to raise between $12 billion to $16 billion in the IPO.
The U.S. Treasury will sell some of the shares it holds in the company, the people told
. GM is 61%-owned by the U.S. government.
The IPO could be filed Wednesday with the
Securities and Exchange Commission
. The IPO was originally expected to be launched last Friday, but it was held up because it was announced
and the automaker's statement that it posted a $1.3 billion profit.
-- Written by Joseph Woelfel in New York.
Get more stock ideas and investing advice on our sister site,