General Motors Co. said the underwriters of its initial public offering have exercised their full overallotment options to purchase an additional 71.7 million shares of common stock, boosting the total offering size to $23.1 billion.
On Friday, the company said the additional shares sold totaled $2.37 billion. The auto maker also disclosed an additional 13 million shares of mandatory convertible junior preferred shares were purchased from the company, for a total of $650 million.
The closing for the additional shares is expected to take place on Dec. 2.
Last week, GM priced its IPO at $33 per share, raising $20.1 billion in common and preferred stock in one of the largest U.S. stock offerings ever. The stock closed Friday on the New York Stock Exchange at $33.80.
None of the money from the common stock sale will flow to the auto maker. The majority of the shares sold came from the U.S. Treasury, which took a controlling stake in GM as part of a taxpayer-financed bailout last year.
Earlier this month, GM reported it earned $2 billion in the third quarter, marking a third straight quarterly profit as the company sold more pickup trucks and consumers paid higher prices for its vehicles.
