Kuwait Investment Authority (KIA) will not take part in General Motors' initial public offering (IPO), a source said. The auto giant had raised $20.1 billion from the issue last week.

Earlier this month, KIA's managing director Bader Al Saad said the fund was considering taking in GM's IPO if it is feasible, but a person familiar with the matter at KIA said they had decided not to invest due to the increase in the share price.

GM raised $20.1 billion placing its shares at the top of a proposed range due to massive investor demand.

Including an option that would allow underwriters to sell more shares, GM looks set to raise $23.1 billion, eclipsing the record $22.1bn raised by Agricultural Bank of China in July.