GM mulls $12 billion common stock offering: source

NEW YORK (BestGrowthStock) – General Motors Co (GM.UL: ) is considering raising the size of its common stock offering in the IPO by roughly 20 percent to about $12 billion, a source familiar with the situation said on Monday.

GM initially filed to sell about $10 billion in common stock and another $3 billion in preferred stock.

The contemplated increase in common stock offering is in response to exceptional investor demand, the source said, adding no final decision has been made.

The GM IPO is currently expected to price between $32 and $33 per share, above the initially proposed $26 to $29 per share, another source familiar with the matter said.

The price range is preliminary and has not been formally set.

(Reporting by Soyoung Kim and Clare Baldwin in New York; editing by Andre Grenon)

GM mulls $12 billion common stock offering: source