GM IPO grows to $23B with overallotment exercise


SymbolPriceChangeGM33.80+0.32Chart for General Motors Company Common S{“s” : “gm”,”k” : “a00,a50,b00,b60,c10,g00,h00,l10,p20,t10,v00″,”o” : “”,”j” : “”}

DETROIT (AP) — General Motors says the underwriters in its recent initial public offering have exercised their full over-allotment option to purchase an additional 71.7 million shares of common stock, bringing the total size of its recent IPO to $23.1 billion.

General Motors Co.’s over-allotment shares were worth $2.37 billion. The underwriters also exercised the right to purchase an additional 13 million shares of mandatory convertible junior preferred stock from the Detroit automaker, for a total of $650 million.

The closing for the additional shares is expected to take place on Dec. 2.

GM stock rose 32 cents, or nearly 1 percent, to close Friday at $33.80.

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From: http://us.rd.yahoo.com/finance/news/rss/story/*http://us.rd.yahoo.com/finance/news/topnews/*http://biz.yahoo.com/ap/101126/us_gm_ipo_overallotment.html

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