General Motors Up to $16 Billion in Stock Sale?

[Bruce Nunnally]

General Motors Co., the automaker 61 percent owned by the U.S., is seeking to raise $12 billion to $16 billion in an initial public offering, said a person familiar with the plan.

The more than 500-page document, called an S-1, is likely to be filed tomorrow, though it may not happen until Monday, said the person, who asked not to be named because the discussions are private. The exact value of the offering may not be fully detailed in the registration statement filed with the U.S. Securities and Exchange Commission, said the person.

The IPO would be the second-largest in U.S. history, behind Visa Inc.’s $19.7 billion initial offering in March 2008. The share sale is also the first step in freeing the Detroit-based automaker from government ownership, which Chief Executive Officer Ed Whitacre has pushed for after GM’s $50 billion taxpayer bailout in the wake of its bankruptcy in June 2009.

Read More: http://www.bloomberg.com/news/2010-08-12/general-motors-said-to-aim-for-up-to-16-billion-in-public-stock-offering.html