GM Files for Initial Public Offering of Stock

Soon, you too can own shares in the "new" General Motors. The company has officially filed for an initial public offering of stock. The automaker could sell as much as $16 billion in equity, which would make it the second largest IPO in U.S. history, according to the Forbes. It won't likely beat Visa's $19.7 billion offering in 2008.

The Treasury has also announced that it will be a selling shareholder, which means that taxpayers will relinquish a portion of their ownership of the company. An IPO of this size won't shed Uncle Sam's share entirely, but it will make the U.S. a minority owner in the company. Currently, the government owns 60.8% of the firm's common stock.

You can find the official S-1 filing here. While GM is likely eager to escape the pejorative "Government Motors" moniker, we'll have to wait to see if investors bite. The company has had a few quarters of positive earnings. But it still has far to go before it convinces everyone that it is truly a new and improved company.