GM issue set to be largest ever US IPO

US auto giant General Motors is set to raise up to $22.7bn in its IPO, which could make it the largest stock offering in US history.

The offer, which is 30% more than it originally planned, includes $4bn of preferred shares. GM received orders worth about $70bn for the common stock portion of the offering as of late Tuesday, Reuters reports. US government ownership of the automaker could fall to as little as 33%, from 61%. The higher pricing on the stock sale will help the 102-year-old company repay its $50bn US government rescue. GM earned $5bn in the first nine months of 2010, and is on track for its first full-year profit since 2004.