GM Pulls Off Biggest U.S. IPO Ever

By Clare Baldwin and Soyoung Kim NEW YORK (Reuters) - General Motors Co <GM.UL> pulled off the biggest initial public offering in U.S. history on Wednesday, raising $20.1 billion after pricing shares at the top of the proposed range in response to huge investor demand. Including an option that would allow underwriters to sell more shares, expected to be exercised in coming days, GM looks set to raise $23.1 billion, making it the biggest initial public offering ever. "What was that statement that used to float around? What's good for GM is good for America? Well, I think in this case, what's good for GM is good for the American taxpayer," said Adrian Cronje, chief investment officer at Atlanta-based wealth management firm Balentine LLC. The strong response to the stock sale reflects a groundswell of investor confidence that GM is moving beyond its unpopular, taxpayer-funded bankruptcy in June 2009 with sharply lower costs and higher profit potential. The government's stake in GM will drop to...