Stakes Are High As GM Shares Get Set for Debut

This deal has more subplots than War and Peace. General Motors (GM), an icon of American industry and for many decades the biggest car maker in the world, is selling itself to the public Wednesday night through an initial public offering of its stock. The deal comes 16 months after GM emerged from bankruptcy, the fourth-largest Chapter 11 filing in U.S. history. Since then, the U.S. government has been the largest stakeholder, and a reluctant one at that. Demand for the shares ahead of the offering appears to be strong, a good sign for the company, and taxpayers. On Tuesday, GM announced it was raising the price range to $32 to $33 a share, up from the original price of $26 to $29. Then on Wednesday, the company said it was raising the number of shares it will offer by a stunning 31%, to 478 million form the originally planned 365 million. Continue reading the article.