GM Files for Landmark IPO to Repay Bailout

General Motors filed for an initial public offering of stock on Wednesday, clearing a key hurdle toward repaying taxpayers for a controversial bailout just over a year after its bankruptcy.

The 700-page registration form, filed with the U.S. Securities and Exchange Commission, begins a process that will lead to an initial public offering of GM's stock. No date was set for the sale, but experts say the IPO could come as early as October.

Stakeholders in the company, including the U.S. Treasury Department, initially will sell common stock, while GM will sell preferred shares that are similar to bonds.

The forms did not say how many shares would be sold and it was unclear just how much stock the government wants to unload.

The U.S. government owns roughly 61 percent of the company, which it got in exchange for giving GM $50 billion in survival aid last year. GM has repaid $6.7 billion, and the remaining $43.3 billion was converted to the ownership stake. Other stakeholders include a United Auto Workers health-care trust and the Canadian government.

Government ownership has hurt the company's public image and sales, CEO Ed Whitacre has said. He'd like to shed the derogatory nickname "Government Motors."

GM's IPO would have to bring in $70 billion just to pay back all of GM's stakeholders. The largest U.S. IPO so far is Visa Inc.'s 2008 offering that raised $19.7 billion.

The Detroit automaker's recent profits come after it lost nearly $13 billion in last year's second quarter alone.