GM increases stock price


General Motors Company has increased the estimated price range of common stock to $32 to $33 per share in advance of its initial public stock offering expected later this week.

The statement, issued Tuesday morning on the automaker’s website, does not give a clear reason for the $6 jump, but unnamed sources in other published reports indicate the increase is being driven by buying demand.
The company also announced it has increased the proposed size of its preferred stock offering from $3 billion to $4 billion, or 60 to 80 million shares.

Morgan Stanley and J.P. Morgan (representatives of the underwriters), BofA Merrill Lynch, Citi, Goldman, Sachs & Co., Barclays Capital, Credit Suisse, Deutsche Bank Securities and RBC Capital Markets will be the joint book-running managers for the offering. 

The IPO is expected to happen later this week and will see GM offer 365 million shares of common stock .