DETROIT -
The underwriters in General Motors’ recent initial public offering have chosen to fully exercise their over-allotment options. This means the automaker’s IPO has now likely become one of the biggest in the world, bringing in more than $23 billion.

The underwriters are purchasing 71.7 million shares of GM common stock and another 13 million shares of mandatory convertible junior preferred stock for $2.37 billion and $650 million, respectively.

With the over-allotment being exercised, the IPO now totals $23.1 billion.
In regard to the additional shares, their closing is anticipated to occur Thursday.
The Securities and Exchange Commission deemed the registration statement involving these securities effective on Nov. 17, officials noted, adding that: “Any offer or sale of these securities will be made only by means of a written prospectus forming the effective registration statement.”
Those interested in getting a copy of the prospectus can do so for free at www.sec.gov or by contacting one of the following:
—Morgan Stanley & Co. Incorporated, Attention: Prospectus Department, 180 Varick Street, 2nd Floor, New York, New York 10014, telephone 1-866-718-1649, or by sending an email to prospectus@morganstanley.com
—J.P. Morgan Securities LLC, Attention: Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, New York 11717, telephone 1-866-803-9204.
GM Completes Nexteer Sale
Sharing more news, GM said its deal for Pacific Century Motors to acquire Nexteer Automotive has been completed.
GM did not share the terms regarding its sale of Nexteer.
Under the transaction, all of Nexteer’s global steering and halfshaft operations are sold. Included in the sale are 22 manufacturing plants, six engineering facilities and 14 customer support centers throughout the Americas, Europe and Asia, officials said.