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 U.S. 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 $20 billion, making it one of the biggest IPOs ever.

The U.S. Treasury plans to sell about 20 percent of the 304 million GM shares it holds, reducing its stake in the top U.S. automaker to below 50 percent, sources have said.

GM is not expected to issue new common stock in the IPO but plans to sell about $3 billion in mandatory convertible securities that convert into shares in the future, a person familiar with the plan previously told Reuters.

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.

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