GM’s $10.6 Billion IPO to Reduce Treasury to Minority

General Motors Co. will reduce the U.S. government to a minority shareholder as it seeks to raise as much as $10.6 billion in an initial public offering.

GM, 61 percent owned by the U.S. Treasury Department, will sell 365 million shares at $26 to $29 each, the company said yesterday in a filing with the Securities and Exchange Commission. The Detroit-based automaker will also offer about $3 billion of preferred shares that later will become common stock.