Citibank (NYSE: C) and Bank of America (NYSE: BAC) to Serve as Lead Underwriters for General Motors IPO

Bank of America Corp (NYSE: BAC)’s Merrill Lynch division and Citibank (Citigroup, Inc (NYSE: C)) has been added to General Motors’ list of lead underwriters for its initial public offering, according to a media reports on Friday.

Analysts now expect initial paperwork for the IPO to be filed with the Securities and Exchange Commission early this week. The filing was originally expected on Friday, but was delayed because the company had to update its prospectus with the recent change of CEO and a risk factor of management, the reports said.

Earlier in the year, JPMorgan Chase & Co. (NYSE: JPM) and Morgan Stanley (NYSE: MS) were picked as lead underwriters for the GM IPO and helped General Motors prepare the paperwork. Bank of America Corp (NYSE: BAC) and Citigroup, Inc (NYSE: C) lead the $5 billion credit facility which General Motors recently completed in preparation for its IPO.

The IPO for General Motors will likely list about ten banks as underwriters and more banks will be added before the IPO is priced, according to the reports. The banks that will be listed in the initial filing are likely to be the same banks which have committed to its credit facility.

General Motors’ prospectus will not provide the number of shares to be sold or the pricing range, but will cite the company’s bankruptcy, restructuring process, financial protections, detail of ownership and a large set of risk factors. General Motors is reportedly adding a new risk-factor discussing the departure of CEO Ed Whitacre, saying that there is uncertainty about the company’s long-term leadership.

A successful IPO for General Motors could be the largest ever for the U.S. stock market,and hand a political win for the Obama administration against those who criticized its $50 billion bailout of General Motors. As a result of GM’s bailout, the U.S. Treasury owns a 61% stake in the company.