AP Source: GM to raise IPO stock price range

DETROIT (AP) — A person briefed on the matter says General Motors is likely to raise the price range of its common stock to $32 to $33 per share in its initial public offering on Thursday. The person says GM also will sell 9 million more preferred shares than originally expected.

GM plans to announce the moves early Tuesday. Bankers handling the sale are expected to stop taking orders for the shares Tuesday afternoon.

The person did not want to be identified because the price has not been formally announced.

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.

The person says the changes are due to high investor demand.

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