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New York - General Motors will list its shares on the New York Stock Exchange and Toronto Stock Exchange after its initial public offering, a source familiar with the situation said on Wednesday.
The IPO, intended to repay a portion of the automaker's government bailout, has been dubbed "Project Dawn," the source said.
The source declined to be named because preparations for the IPO remain private.
The number of shares to be sold by the US government, the governments of Canada and Ontario, the United Auto Workers union healthcare trust and other shareholders has not been determined, the source said.
Sources previously told Reuters the IPO could raise as much as $20bn, making it one of the biggest IPOs ever.
The US Treasury plans to sell about 20% of the 304 million GM shares it holds, reducing its stake in the top US automaker to below 50%, sources have said.
GM is not expected to issue new common stock in the IPO but plans to sell about $3bn in mandatory convertible securities that convert into shares in the future, a person familiar with the plan previously said.
The source on Wednesday confirmed that was still the case and that the mandatory convertible securities will be the only new shares issued in the IPO.
Mandatory convertibles, which offer regular interest or dividend payments to investors before turning into stock, could attract dividend and growth fund investors.
The source said proceeds from the convertible securities would be used for general corporate purposes.
'Project Dawn'
The US government currently owns almost 61% of GM after it stepped in with a $50bn bailout last year. A successful GM IPO could bolster the Obama administration's case that the bailout was a justified use of taxpayer dollars.
GM's expected stock market debut, sometime between late October and the US Thanksgiving holiday at the end of November, means the automaker's first trades will come right around the time of US midterm congressional elections.
Government officials and GM executives have repeatedly denied any link with the elections.
The initial S-1 filing that will kick off GM's IPO process has not yet been made with US securities regulators.
A source on Wednesday said that the US Treasury had not yet signed off on the filing. The filing is now expected on Wednesday, two people said.
GM spokesperson Randy Arickx declined to comment. Treasury spokesperson Mark Paustenbach declined to comment.
