Another hot item on Black Friday: Shares of GM’s IPO

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Buyers scooped up an unusual potential bargain on Black Friday: a few more shares in General Motors Co.’s initial public stock offering.

As expected, the automaker announced that it would sell an additional 71.7 million shares of common stock for $2.37 billion and an additional 13 million shares of convertible preferred stock for $650 million.

That raised the total value of the carmaker’s initial offering to a record-setting $23.1 billion.

Even though the IPO itself occurred Nov. 18, underwriters in popular deals often issue additional shares after the fact in what’s known as an “over-allotment.”

GM stock, which went public at $33, closed Friday at $33.80.

-- Walter Hamilton