GM Hopes To Raise More Than $10 Billion In IPO

General Motors is planning on its IPO this month and is hoping to raise more than $10 Billion that could help the company pay back the U.S Treasury. The Treasury Department has a 61% stake in General Motors currently and is expected to offer 365 million shares at $26 to $29 each according to people close to the matter. GM is also expected to offer $2 to $3 billion of preferred shares that will later become common stock. Launching an IPO is one of the ways GM is inching its way closer to paying back the $50 billion it borrowed from taxpayers last year. The Bloomberg article said an amended registration statement will be filed with the SEC as soon as today, an election day in the U.S, that contains the number of shares and the price range for the offering. One of the people familiar with the situation said that "The U.S. Treasury will likely sell about $7 billion of stock, one of the people said. About $2 billion of shares will be sold by the United Auto Workers retiree health-care trust, and less than $1 billion may be sold by Canada."