New York/Detroit: General Motors Co raised the common stock portion of its initial public offering by 31% on Wednesday following a surge of investor interest, putting the deal on track to raise as much as $22.7 billion.

The announcement by the top US automaker comes a day after it raised the price range for the IPO and increased the preferred shares on offer by a third to $4 billion.

The revised terms of the IPO could make it the largest stock offering ever in the US market and could take US government ownership of the automaker down to as little as 33% from 61%.

The moves came after GM received orders worth about $70 billion for the common stock portion of the offering as of late Tuesday, a source familiar with the situation said.

The improved pricing on the GM stock sale represents a major step toward break-even for a $50 billion US government rescue of the 102-year-old company, which had fallen from blue-chip status to bailout target in recent years.

$33 each and $4 billion worth of preferred shares, according to an amended filing with US securities regulators on Wednesday.

The automaker had initially filed to sell 365 million shares for $26 to $29 each and $3 billion worth of preferred shares.

If the underwriters exercised an overallotment provision, the IPO could raise $18 billion in common stock and $4.6 billion in dividend-paying preferred shares in GM.

The strong Wall Street reception for GM represents a win for the Obama administration after it chose to restructure GM in an unpopular, 2009 taxpayer-funded bankruptcy that left the automaker with the stigma that it had become “Government Motors."

GM is the first of a slate of auto-related companies—whose ranks include Chrysler Group LLC; Ally Bank, formerly known as GMAC; and parts supplier Delphi expected to return to public ownership in coming years.

Auto executives and analysts said the reversal in Wall Street sentiment toward an industry that had been shut out out of the credit markets in 2008 and 2009, was a positive sign.

“This will give us a great, great precursor for the Chrysler IPO. I’m delighted; it couldn’t have gone better," Chrysler chief executive Sergio Marchionne said on Tuesday night.