GM IPO multiple times oversubscribed

General Motors Co is still accepting investor orders for shares in its initial public offering and is not expected to close the order books until early next week, three people familiar with the matter said on Friday.
The IPO is expected to price around the top end of the range and exercise the full greenshoe, two sources said.
Demand for common shares is currently around $60 bln and rising, the sources said. GM filed with U.S. regulators to raise about $10 bln worth of common stock, meaning that the common stock portion of the IPO is currently about six times oversubscribed.
Retail investors are expected to account for about 20% of the IPO, two sources said. There is currently retail demand for $2 bln to $3 bln worth of shares, one source said.
There is also "excess demand" for the $3 bln worth of preferred shares GM plans to sell, the sources said.
Middle Eastern and Asian sovereign wealth funds have committed to a combined $2 bln stake, two sources said.
The size of the stake to be taken by GM's Chinese partner SAIC Motor Corp is expected to be finalized over the weekend, three sources said. The stake is expected to be less than $2 bln, two sources said.
The sources did not have permission to speak publicly and declined to be named.