GM IPO Raises $20 Billion Selling Common, Preferred

General Motors Co. raised more than $20 billion selling common and preferred stock in an initial public offering that reduced the U.S. government to a minority shareholder.

GM’s owners, including the U.S. Treasury, sold at least $15.8 billion of common shares at $33 each, making it the second-largest U.S. IPO on record after Visa Inc.’s $19.7 billion sale in March 2008, a statement showed. An overallotment option and a sale of preferred shares may boost the total raised to $23.1 billion, more than the $22.1 billion sold by Beijing-based Agricultural Bank of China Ltd. in the largest IPO of common stock in history.