GM confirms expanding IPO by 31 percent

[November 17, 2010]  DETROIT (AP) -- General Motors is expanding its initial public offering of common shares by 31 percent, a sign of stronger than expected demand for a stake in the revitalized automaker that is just 16 months out of bankruptcy protection.

GM said in a statement on Wednesday that it would increase the planned offering of common stock to 478 million shares from the previously expected 365 million shares.

The move, coupled with an expected stock price of up to $33 per share, would bring the U.S. government closer to getting back the $50 billion it spent bailing out GM last year.

It could also make GM's IPO the largest in history for a U.S.-based company.

GM plans to finalize the IPO share price on Wednesday. The share price is targeted at $32 to $33 per share.

[Associated Press]

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