General Motors Co. Wednesday set the final terms for a landmark initial public offering that could raise up to $22.7 billion after a surge of investor interest in an automaker that had fallen from blue-chip status to government bailout.

At the high end of its price range, the IPO could be the largest ever in the United States — and a major first step toward break-even for a $50 billion U.S. government bailout of the 102-year-old company. GM plans to sell 478 million common shares for $32 to $33 each and $4 billion worth of preferred shares, according to an amended filing with U.S. securities regulators Wednesday.

The automaker had initially filed to sell 365 million shares for $26 to $29 each and $3 billion worth of preferred shares, but upped the terms in the face of robust demand.

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

(Reporting by Clare Baldwin and Soyoung Kim in New York and Kevin Krolicki in Detroit; Editing by Lisa Von Ahn)