American taxpayers have received a further tranche of US$1.8bn from General Motors‘ initial public offering, bringing overall net proceeds to US$13.5bn.

The extra payment comes shortly after GM paid the US Treasury US$11.7bn on 23 November from the sale of 358,546,795 shares of stock. Underwriters in the offering had a 30-day option to purchase up to 53,782,019 additional shares of common stock from the Treasury at the same price to cover over-allotments.

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The underwriters exercised this over-allotment option in full on 26 November, resulting in the US$1.8bn of extra funds towards the repayment of GM’s US$49.5bn bailout.

“General Motors’ IPO is a testament to that company’s turnaround and the significant progress we have made continuing to exit our investments and recover taxpayer dollars,” said acting assistant secretary for financial stability, Tim Massa.

In October, the US Treasury said it had accepted an offer by GM to repurchase US$2.1bn of preferred stock – a transaction expected to occur in mid-December 2010.

With this repurchase and the IPO, taxpayers will have received a total of $23.1bn from GM through repayments, interest, and dividends since the company emerged from bankruptcy in July 2009. 

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Following the IPO and the preferred stock repurchase, the Treasury’s remaining stake in GM will consist of 500,065,254 shares of common stock.

The proceeds from the GM IPO bring the total amount of TARP (Troubled Asset Relief Programme) funds that have been returned to taxpayers to nearly US$254bn.