GM story updated with IPO details.

DETROIT ( TheStreet) -- General Motors said Wednesday that it will post a third-quarter profit and that it has commenced an initial public offering of 365 million shares of common stock priced at $26 to $29 each.

The value of the offering of common and preferred shares could exceed $13 billion, making it one of the largest IPOs in history.
GM

The U.S. Treasury would sell at least 263.5 million shares, reducing its share of the company to 41% of the common stock, down from its current 61%. The 60 million shares of preferred stock would sell for $50 each; GM would retain those proceeds.

The offering would value GM at about $41 billion. That is less than Ford ( F), which has a market capitalization of about $52 billion following Wednesday's close. For taxpayers to break even on federal loans to GM, the company would have to be valued around $70 billion.

GM, which earlier said that October sales rose 3.5%, said it will report net income attributable to common stockholders between $1.9 billion and $2.1 billion on revenue of $34 billion. Earnings before interest and tax will total $2.2 billion to $2.4 billion.

Additional details will follow next week, when the automaker releases its third-quarter earnings report before the bell on Nov. 10.

-- Written by Ted Reed in Charlotte, N.C.

>To contact the writer of this article, click here: Ted Reed

More from Stocks

Pegasystems Founder Explains Why He Has One of the Hottest Tech Stocks Around

Pegasystems Founder Explains Why He Has One of the Hottest Tech Stocks Around

9 Stocks Goldman Sachs Thinks Will Blow Wall Street's Performance Away in 2019

9 Stocks Goldman Sachs Thinks Will Blow Wall Street's Performance Away in 2019

Jim Cramer on U.S.-China Trade: The Media Has it Wrong

Jim Cramer on U.S.-China Trade: The Media Has it Wrong

Is Tesla's Stock Set to Nearly Double to $500?

Is Tesla's Stock Set to Nearly Double to $500?

Tesla's $78,000 Model 3 Is a Bargain. Here's Why

Tesla's $78,000 Model 3 Is a Bargain. Here's Why