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GM Says Total Size of Initial Offering Reaches $23.1 Billion

General Motors Co. said the total value of common and preferred stock sold in its initial public offering reached $23.1 billion after underwriters exercised an option to purchase more shares.

The banks bought an additional 71.7 million common shares at $33 each for $2.37 billion and 13 million more preferred shares for $650 million, GM said in a statement yesterday. The amount of common and preferred shares sold was more than the $22.1 billion raised by Beijing-based Agricultural Bank of China Ltd. this year in the biggest IPO of common stock in history.