GM Plans to Seek a Reduced IPO Target ; Report

General Motors Co. will probably seek to raise $8 billion to $10 billion in an IPO in November, a smaller sale than the automaker originally targeted, according to Bloomberg sources. GM shares must be sold at about $133.78, before splits, if the U.S. Treasury Department is to recoup its $49.5 billion investment, Neil Barofsky, the TARP chief , said in a letter, the WSJ reported today.