With the General Motors IPO reportedly several times oversubscribed, the company officially raised the proposed price range to $32 to $33 on Tuesday morning, up from the previous $26 to $29. Treasury and other selling shareholders still plan to sell 365 million shares of common stock, but GM now expects to raise $4 billion in the concurrent preferred stock offering by selling 33% more shares (was $3 billion). At $11.9 billion, the upsized common stock offering will likely surpass AT&T Wireless ($10.6 billion) as the fourth largest IPO ever to list on a US exchange. Morgan Stanley, J.P. Morgan, BofA Merrill Lynch and Citi are the lead underwriters on the deal, which is expected to price Wednesday for trading on Thursday.
