General Motors Co has completed the paperwork for an initial public offering and timing of its filing with the U.S. securities regulators now rests with the board of the top U.S. automaker, a source familiar with the situation said on Monday.
That filing is likely to be completed with the U.S. Securities and Exchange Commission by Tuesday, the person said, asking not to be named because the preparations for the IPO are private.
GM's IPO is expected to raise between $15 billion to $20 billion in one of the largest IPOs ever, the source said.
A group of ten banks that committed to be the major group of creditors in GM's $5 billion credit line will also serve as underwriters for the stock offering, the person said.
(Reporting by Soyoung Kim; Editing by Phil Berlowitz)