DETROIT -

Just a day after raising the price range of the common stock in its initial public offering, General Motors on Wednesday increased the proposed size of its common stock as well.

GM upped the common stock figure from 365 million shares to 478 million shares. Previously, the company announced the estimate price range for those shares of common stock at $32 to $33 per share. It had been $26 to $29 per share.

Executive reiterated the final terms of the offering will be determined at the time of pricing.

Edmunds.com Gives Pointed Response

The latest developments regarding GM’s IPO prompted the chief executive officer of Edmunds.com to call it “well-scripted.”

“Anyone doing an IPO might want to use this as a case study — it’s so well-scripted,” stated Jeremy Anwyl, Edmunds.com’s CEO.

“Executives Stephen Girsky and Chris Liddell know the financial market and understand what it takes to make an IPO successful,” Anwyl continued. “They lined up institutional investors ahead of time and began a steady drumbeat of good news about 45 days ago in order to set the stage for the big day.”

Anwyl articulated 10 points stemming from recent events that he believes have kept GM in a favorable light during this pre-IPO period:

—GM solidified its executive management and hired a group of respected marketing professionals to shift the company’s image.

—GM reduced its debt by $11 billion and promised that upon the completion of its IPO, it will buy back some of the GM stock held by the U.S. Treasury and contribute significantly to GM pension plans.

—The automaker became the first automaker to sell 2 million vehicles in China.

—GM launched advertising for the Chevy Cruze that delivered head-on comparisons against of competitors, attempting to boost consideration of GM’s most important new vehicle launch of the decade. The manufacturer followed with nostalgic Chevy ads to round out the appeal of the brand.

—A special edition Chevy Cruze received better-than-anticipated mileage ratings from the Environmental Protection Agency.

—GM announced that it would discontinue the Goodwrench brand just like it discontinued Pontiac, Saturn and Hummer, emphasizing its commitment to efficiency regardless of history.

—GM announced impressive third-quarter results, and celebrated the fact that it exceeded October sales expectations.

—The manufacturer announced that General Electric will buy 12,000 Chevy Volts just as the media begin to question the Volt’s significance within the larger context of the auto industry.

—Chevy Volt was named as MotorTrend Car of the Year and Automobile of the Year by Automobile Magazine.

—Promising Buick product plans are under embargo until the Los Angeles Auto Show — the very day of the IPO pricing announcement.

“Given the steps GM has taken, the IPO should play out well for them despite complications such as the fact that the government is a major investor,” Anwyl declared.

“Scripted or not, these messages surely paint a favorable picture of the company and offer hope for the future,” he added.

Edmunds.com also mentioned that its forums housing consumer discussions about the GM IPO have largely drifted to also consider Ford’s journey through the recession. Those discussions can be read here.