November 17th, 2010 
admin DETROIT – General Motors Co. today confirmed it will increase the size of its common stock offering from 365 million to 478 million shares, a response to intense investor demand for the automaker’s return to the stock market. The number of shares offered can increase by up to 15 percent, depending on the number of orders for the stock. As part of the initial public offering, the U.S. government will sell up to 412.3 million shares, reducing its stake in the automaker from 60.8 percent to as low as 33.3 percent. Demand had already led GM to increase the number of Series B preferred shares on Tuesday from 60 million to 80 million and raise the target price for its common stock to $32 -$33 a share, from the previous $26-$29. GM will announce the final price today, likely in the afternoon. The stock will hit the market Thursday morning, 16 months after GM exited Chapter 11 bankruptcy.
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