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GM IPO Hits $23.1 Billion

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general motors headquarters1 GM IPO Hits $23.1 BillionGeneral Motors says the underwriters in its recent initial public offering have exercised their full over-allotment option to purchase an additional 71.7 million shares of common stock, bringing the total size of its recent IPO to $23.1 billion.

The automaker’s over-allotment shares were worth $2.37 billion. The underwriters also exercised the right to purchase an additional 13 million shares of mandatory convertible junior preferred stock from the Detroit automaker, for a total of $650 million.

The closing for the additional shares is expected to take place on Dec. 2.

GM stock rose 32 cents, or nearly 1 percent, to close Friday at $33.80.

(Copyright 2010 by The Associated Press. All Rights Reserved.)

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