Initial Public Offering, General Motors Ipo | featured news

General Motors will shrink the government’s ownership stake to less than 50 percent in a $10.6 billion initial public offering, people briefed on the matter said.

General Motors Co is unlikely to file for its initial public offering on Tuesday, three people familiar with the situation said.

General Motors Co has completed the paperwork for an initial public offering, and timing of its filing with the U.S. securities regulators rests with the board of the top U.S. automaker, sources familiar with the process said on Monday.

General Motors Co has begun to work on the U.S. regulatory filing needed for an initial public offering but does not expect to have that ready in the next two weeks, Chief Executive Ed Whitacre said on Thursday.

The U.S. Treasury and General Motors Co may select a lead underwriter for an initial public offering for the automaker as early as next week, Bloomberg News reported on Saturday.