Tesla IPO
In one of the most extremely anticipated IPOs in Silicon Valley history, Tesla Motors, the maker of all-electric cars that has yet to make a profit, will start publicly trading its stock this morning.
Tesla’s initial public providing has been the talk of the valley for weeks, in component because it is widely seen being a bellwether for the cleantech industry like a whole.
“It’s a risky company, but Tesla has already beaten the odds,” said veteran technology forecaster Paul Saffo. “They are going public for all the right reasons—they need money to take them to the next level.”
CEO Elon Musk, 38, will ring the opening bell with the Nasdaq stock marketplace in New York to mark the occasion, and also the company’s all-electric Roadster and forthcoming Model S will be on display in Times Square. Tesla, which could be the very first IPO by a U.S. automaker because Ford Motor Co.’s in 1956, will trade under the ticker symbol TSLA.
Earlier this month, Tesla mentioned it hoped to raise as very much as $178 million by providing 11.1 million shares of typical stock at a price range of $14 to $16.
But in the clear sign that Tesla has captured the imagination of investors, the company boosted its IPO to 13.3 million shares, which could increase $244 million, according to a regulatory filing Monday. Following the IPO, Toyota will invest in an extra $50 million worth from the stock in a private placement.
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