GM IPO said to top 23 billion dollars

WASHINGTON: General Motors cemented its place on the list of the world's largest ever initial share offerings on Friday as it announced secondary sales took the value of the recent deal to 23.1 billion dollars.

The Detroit-based firm said it had sold additional shares worth over three billion dollars as part of the November 18 operation, thanks to excess-demand clauses.

GM's sale marks a dramatic turnaround for the embattled company.

Amid skyrocketing debt and plummeting sales, GM had been forced into bankruptcy protection in June 2009, as it got a 50-billion-dollar government bailout.

The IPO lowered the government stake in the company below 50 percent and recouped 11.7 billion dollars for US taxpayers.

Since shares were floated for 33 dollars a piece in the offering, they have bucked the downward market trend.

On Friday they closed in New York at 33.80 dollars a piece.