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GM to boost size of its initial public offering to 478-million shares

DETROIT, Mich. – General Motors is expanding its initial public offering of common shares by 31 per cent, a sign of stronger than expected demand for a stake in the revitalized automaker that is just 16 months out of bankruptcy protection.

GM said in a statement on Wednesday that it would increase the planned offering of common stock to 478-million shares from the previously expected 365-million shares.

The move, coupled with an expected stock price of up to $33 (U.S.) per share, would bring the U.S. government closer to getting back the $50 billion it spent bailing out GM last year.

It could also make GM’s IPO the largest in history for a U.S.-based company.

GM plans to finalize the IPO share price on Wednesday. The share price is targeted at $32 to $33 per share.

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