General Motors will increase its initial public offering of the common stock price range from $32 to $33 per share. This is 14 percent higher than the original expected amount.
GM’s news was released in a statement early Tuesday. The company did not provide detailed reason for the increase, but people familiar with the matter have said that it is due to high demand from investors. The IPO is anticipated on Thursday.
The company also mentioned increasing the number of preferred shares for sale from 60 million to 80 million, with a corresponding increase of the value of the preferred stock sale from $3 billion to $4 billion. Earlier this month GM’s owners sold 365 million common shares for $26 to $29 each and intended to sell 60 million preferred stocks for $50 per share.