Report: GM aiming for up to $16 billion in IPO offering

GM CEO and Chairman Ed Whitacre

General Motors is looking to raise between $12 billion to $16 billion in an initial public offering, according to insiders familiar with the plans. The Detroit automaker, which is 61 percent owned by the U.S. government, reported a second-quarter revenue of $33.2 billion and net income attributable to common stockholders of $1.3 billion.

Insiders that spoke with Bloomberg said that the 500-page document, called an S-1, is likely to be filed tomorrow but may not happen until Monday. The exact value of the offering may also not be fully detailed in the registration statement filed with the U.S. Securities and Exchange Commission.

GM’s IPO will be the second-largest in U.S. history, coming in behind Visa Inc’s 19.7 billion offering in March 2008.

It was announced earlier today that GM’s current CEO and Chairman, Ed Whitacre, would step down and will be replaced by Dan Akerson, who has served on the GM board of directors since July 2009.

– By: Omar Rana