GM’s IPO Could Float Above $26 – $29 Range : Report

CNBC reports that General Motor’s IPO pricing is almost certain to float above $26.00 – $29.00 range. GM, which is expected to sell at least 365 million shares to the public in a deal set to price Wednesday evening, originally said it would target a share price range of $26.00 to $29.00.

GM, which will trade under the “GM” stock ticker on the NYSE, is also expected to offer 60 million shares of Series B mandatory convertible junior preferred stock with a value of $50 a share. According to several media reports, the automaker could rake in $12 billion in common stock sales and a further $3.45 billion in preferred stock sales.