GM IPO Underwriters Exercise Full Over-Allotment Options, Bring Total Offering Size To $23.1 Billion
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It looks like that GM stock is in high demand: in connection with the previously-announced public offering of common and mandatory convertible junior preferred stock, General Motors Company has announced that the underwriters of its IPO have exercised in full their over-allotment options.
In so doing, they have purchased an extra 71.7 million shares of common stock from the selling stockholders (read: U.S. Treasury) and an additional 13 million shares of mandatory convertible junior preferred stock from the company (read: GM).
The sale of 71.7 million common stock results in a total of $2.37 billion while that of 13 million preferred shares is equal to $650 million. The closing for the additional shares is expected to occur on December 2, 2010.
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