General Motors reportedly plans to raise the price range on its pending initial public of stock to as much as $33 a share.
A decision about the stock price is expected later today, but it won't be revealed to the public until Wednesday, a day before the stock is scheduled to begin trading, The Wall Street Journal reported, citing unnamed sources for the information.
The increase in the IPO price to $31 to $33 a share from the initial range of $26 to $29 a share is being prompted by strong demand for the stock, the newspaper said.
The federal government holds a 61% stake in the Detroit automaker, which is keen on shedding the "Government Motors" moniker that critics of the 2008 bailout often use to refer to GM. The IPO would reduce the government's stake in GM to about 40%.