) --

General Motors

Chairman Ed Whitacre expects the iconic car company to fetch $20-$25 per share in its eventual initial public offering, according to media reports.

Whitacre made the comment during an appearance in San Antonio, Texas, where he was receiving an award from the city's Chamber of Commerce.

"It's going to be somewhere in the $20 range, $20, $25, something like that," Whitacre was quoted as saying by

The Associated Press

, which itself citedreporting from


and the

San Antonio Express-News


Whitacre, who relinquished the CEO post to Dan Akerson on Sept. 1, also said the IPO could take place in November, according to the reports.

TARP watchdog Neil Barofsky

recently estimated

the government will need to sell its common stock holdings in GM for a little less than $134 per share in order to break even.


Written by Michael Baron in New York.

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