Breaking News: GM IPO
General Motors will boost the size of its hotly-anticipated initial public offering by 30 percent, CNBC has confirmed.
This move increases the number of shares expected to price Wednesday evening to 478 million shares, putting the automaker on track to raising $22.4 billion in total, the largest IPO in U.S. history.
The U.S. Treasury owns nearly 61 percent of GM as a result of its $50 billion taxpayer-funded bailout, but a boost in the IPO size would reduce this stake to about 26 percent.
CNBC reported on Monday that GM was expected to raise its IPO price to between $32 and $33 a share.
Raising the offering size is good news for U.S. taxpayers, making GM's controversial government bailout less costly than originally anticipated.
What’s the trade?
They must be very confident, says Karen Finerman. If there was ever a bad day to price a deal it would be Tuesday. I would imagine that at some point it will be included in the S&P.
What else must you know about this IPO? Watch the video now and hear from both Kate Kelly and Phil Lebeau.
Most Anticipated IPO since Google
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Trader disclosure: On November 16th, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders; Seymour owns (AAPL), (BAC); Seymour is short (FCX); Adami owns (AGU), (BTU), (NUE), (C), (GS), (INTC), (MSFT); Adami’s wife works at Merck; Finerman owns (AAPL); Finerman owns (BAC); Finerman owns (JPM); Finerman’s firm owns (WMT); Finerman and Finerman’s firm owns (JCG); Finerman's Firm Is Short (IWM); Finerman's Firm Is Short (SPY); Finerman's Firm Is Short (MDY); Finerman's Firm Is Short (IJR); Finerman's Firm Is Long Russell Puts; Finerman's Firm Is Long S&P Puts; Pete Najarian owns (BAC); Pete Najarian owns (SLV) and call spreads; Pete Najarian owns (CNI); Pete Najarian owns (F) Bonds; Pete Najarian owns (FIRE)
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