General Motors IPO set to raise $10bn

General Motors, the bailed out US auto giant, is set to raise between $9.5bn and $10.5bn in its public share offering.

The IPO aims to pay back about $7bn of the $58bn GM owes the American taxpayer, which owns 61% of the company, the Guardian reports. Following the share sale, GM will be valued at upwards of $50bn, a similar figure to fellow US auto giant Ford. More share offers are expected in the future, but GM shares will need to double before the company can pay back the bailout funds it received from the US Treasury. GM became one of the largest ever bankruptcies in history in June 2009, after missing a deadline to show it could reorganise a reported debt of $172.8bn.