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GM Increases IPO to $12 Billion on Demand for Shares

General Motors Co. plans to raise as much as $12 billion in the second-largest U.S. initial public offering on record after increasing the asking price by 14 percent, according to a regulatory filing today.

GM, 61 percent owned by the U.S. Treasury, is now selling 365 million shares at $32 to $33 each, today’s filing with the Securities and Exchange Commission said. The IPO was already multiple times oversubscribed at the original range of $26 to $29 apiece, according to two people familiar with the deal. GM’s underwriters also plan to exercise an option to buy 54.8 million more shares, the people said.