DETROIT (AP) — General Motors says it is raising the price range for its initial public offering of common stock to $32 to $33 per share. The new price range is about 14 percent higher than originally expected.
The announcement came in a statement issued Tuesday morning. It gave no reason for the increase, but people briefed on the sale have said it is due to high demand from investors. The IPO is expected Thursday.
The company also says it will increase the number of preferred shares it is selling from 60 million to 80 million, increasing the value of the preferred stock sale from $3 billion to $4 billion.
Earlier this month GM said its owners will sell 365 million common shares for $26 to $29 each. GM also planned to sell 60 million preferred shares for $50 each.
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