General Motors Co. (GM) Wednesday announced that it will increase the size of its initial public offering (IPO) of common stock to 478 million shares from 365 million, excluding over-allotments, if any.
Previously, the company also announced an increase in the estimated IPO price range to 32 to 33 U.S. dollars per share. The final terms of the offering will be determined at the time of pricing.
The company said a registration statement relating to these securities has been filed with the Securities and Exchange Commission (SEC) but has not yet become effective.
In GM's last file with the SEC, it set a preliminary IPO price ranging from 26 dollars to 29 dollars for 365 million shares of common stock.
The Detroit-based automaker is scheduled to give the final IPO price shares after the market closing on Wednesday, and have its shares sold in the following day.
GM reported a third-quarter profit of 2.16 billion dollars in the previous week, the third straight quarterly profit this year.
Badly shattered by financial crisis, GM filed for Chapter 11 bankruptcy protection on June 1, 2009 and U.S. government pipelined 49.5 billion dollars to the company, in exchange for 61 percent stake and 2.1 billion dollars of preferred stocks.
