NEW YORK (MarketWatch) -- Taxpayers are likely to lose out on the initial public offering of General Motors Co. stock, according to a report published Saturday.

Citing sources familiar with the preparation of the IPO, Reuters said that in part the loss might stem from the fact that initial stock offerings are typically priced at a discount to reward early buyers.

Reuters

The report added that the U.S. government may make its money back in future -- over a period of perhaps three years -- depending on the stock's market performance.

In a bid to avoid the dissolution of the giant carmaker at the height of the recent economic crisis, the government poured $49.5 billion into the company in exchange for a 61% stake. The government has about $43 billion left in the company.

Reuters cited a source saying the float might take place on Nov. 18. But the report added that it could take years for the government's final accounting in GM to become clear.

The Reuters report said that while GM's market value has been estimated at between $50 billion and $90 billion -- and a $70 billion value would allow the government to sell without a loss -- IPOs typically discount stocks at between 10% to 15% to create upside for initial investors and conditions for future floats. And that discount may have to be larger at a time of economic uncertainty.

One source told Reuters the discount for the GM IPO may be as much as 20% compared with the government's break-even point.

Officials at GM and the Treasury Department declined to comment, said Reuters.