UPDATE 1-Overallotment makes GM IPO world’s biggest

* Underwriters exercise full over allotment options

* Catapults GM IPO ahead of China’s AgBank

NEW YORK, Nov 26 (BestGrowthStock) – General Motors Co’s (GM.N: )
underwriters exercised their full overallotment option, making
the initial public offering of the U.S. automaker the biggest
in the world, at $23.1 billion.

The underwriters, led by Morgan Stanley (MS.N: ) (Read more about the money market today. ), JPMorgan
Chase & Co (JPM.N: ), Bank of America Merrill Lynch (BAC.N: ) and
Citigroup Inc (C.N: ), exercised their option on an additional
71.7 million shares worth $2.37 billion.

They also exercised their option to purchase 13 million
shares of mandatory convertible junior preferred stock for $650
million, GM said on Friday.

The U.S. automaker last week raised $20.1 billion in an IPO
of common and preferred shares in the biggest U.S. IPO ever.
With this full overallotment, GM has now raised $23.1 billion,
outpacing Agricultural Bank of China’s (601288.SS: ) $22.1
billion July IPO and making GM the biggest IPO globally.

The full overallotment exercise reflects strong demand for
the stakes in the company.

Barclays Capital, Deutsche Bank, Goldman Sachs, Credit
Suisse and Royal Bank of Canada are GM’s other major
underwriters. Lazard and Boston Consulting Group served as
advisers to the Treasury. Evercore Partners advised GM.
(Reporting by Clare Baldwin and Jonathan Spicer; editing by
Carol Bishopric)

UPDATE 1-Overallotment makes GM IPO world’s biggest