Right on the eve of its long-awaited IPO, General Motors has made an ever-so-slight change by announcing an increase to the proposed size of the offering from 365 million to 478 million shares. This is the second time The General has modified the size of the IPO, having just increased it, along with the estimated share price, just yesterday.
The increase in volume brings the total amount GM could raise to as much as $20.4 billion, which would be the largest first day stock sale in U.S. history. The change will further decrease the U.S. Treasury’s ownership in GM to approximately 25-30 percent.
As GM points out, both stock total amounts exclude the amount that the underwriters have the option to purchase to cover over-allotments.