Newly public GM's executives buy stock at initial price

Ten General Motors executives bought shares at the initial offering price, documents filed with the U.S. Securities and Exchange Commission revealed on Wednesday.

Ten directors and executives, including current Chairman and Ex-CEO Ed Whitacre bought shares for $33 each, the initial offering price.

Whitacre purchased 800 shares at $33 and an additional 14,600 shares at $34.27. According to the plan GM employees and retirees can buy a maximum of 800 shares at the opening price of $33.

CEO Dan Akerson bought 800 shares at $33 and 14,200 at $33.57 each.

The IPO of GM, which was listed on the NYSE again from last week, was the largest in the world at $23.2 billion, beating China's AgBank IPO of $22.1 billion earlier this year.

The newly-formed automaker returned $11.7 billion to the U.S. Treasury Department, cutting much of its debt from the U.S. Government as part of its bailout.

GM's IPO underwriters have the option of selling another 15 percent of shares before Dec. 18. If the option is exercised, the Treasury would receive further proceeds of about $1.8 billion.

The automaker is on a path to recovery. The company is investing $163 million in Michigan and Ohio, and will retain 184 jobs in three plants. This brings the company's total U.S. investment to more than $3.3 billion, GM said in a statement.

GM was one of the biggest employers in the U.S. and the world. Currently, it employs about 205,000 people in the world.

The Michigan and Ohio facilities will build Chevrolet Cruze and the new Chevrolet Volt, a battery-powered car, which was given a three mileage rating on Thursday.

GM 's shares were priced at $33.48 on Wednesday.