NEW YORK (
has priced its massive initial public offering at $33 per share, the top of its range, according to multiple media reports.
The iconic car company said earlier on Wednesday that it was boosting the size of the stock sale by more than 30% to 478 million shares and that the range of the pricing was now $32 to $33 per share, up from a prior $26 to $29 per share range.
General Motors, which is returning to the public markets after being bailed out by the government, is raising $15.8 billion in the sale.
The Wall Street Journal
, which cited a person familiar with the matter in its story about the pricing, said the value of the IPO would jump to almost $23 billion if the sale of preferred stock is factored in and an overallotment option is exercised as expected.
Written by Michael Baron in New York.
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