GM IPO Six Times Oversubscribed

The General Motors IPO is six times over subscribed, according to an article from Reuters. According to three people familiar with the matter, the preferred stock offering is also over subscribed, and with these over allotments, it could bring the total offering to $15.65 billion including the preferred shares. This would make it the second largest U.S. IPO ever, only behind Visa's V IPO. "There's already a tremendous amount of interest because (GM) restructured themselves completely," said Mirko Mikelic, a fixed-income portfolio manager at Fifth Third Asset Management. His firm plans to purchase some of GM's preferred shares. The stock is expected to price between $26-$29 per share on November 17, and will start trading on November 18, 2010.