Unless stock markets move sharply this afternoon, GM shares are likely to be priced at $33 apiece later Wednesday—the top of their announced range—as part of the company’s IPO, according to people with knowledge of the matter.
The expected $33-per-share pricing comes two days after investor enthusiasm prompted GM to raise the expected cost of its stock dramatically.
Late on Monday, the IPO’s underwriters revealed plans to price GM shares at between $32 and $33 apiece, rather than the originally planned range of between $26 and $29. A final decision on the pricing of the shares will come after U.S. markets close today.