Bank of America (NYSE:BAC), Citigroup (NYSE:C), JPMorgan Chase (NYSE:JPM), Morgan Stanley (NYSE:MS), Have 30 Days to Exercise GM (NYSE:GM) Option

The long anticipated, but overhyped IPO of General Motors (NYSE:GM) has finally come, and interest in the shares could result in Bank of America (NYSE:BAC), Citigroup (NYSE:C), JPMorgan Chase (NYSE:JPM) and Morgan Stanley (NYSE:MS), who are underwriters of the offering, to exercise an overallotment option, which could increase the number of shares offered by another 14.3 million. They have 30 days to make the decision.

Shares in General Motors increased by 7 percent in early trading on Thursday, which will help them to pay back taxpayers who essentially saved the company; something that shouldn't of happened, but here we are anyway.

GM traded at about $35.25 at 12:00 PM EDT.

Including the $4.35 billion of preferred shares and overallotment option, it would bring the IPO to be the largest in history, although shares would have to climb significantly in order for the automaker to pay generate a profit to its major investors.

The U.S. Treasury offered close to 360 million shares in the IPO at an initial value of $33 a share. GM shares will have to rise to $53 in order for the Treasury to break even in the deal.

The government paid GM $49.5 billion. Of that, about $13.6 billion will be paid back as a result of the IPO immediately.