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Tesla Motors Sets IPO For Week Of June 28
Electric-car maker Tesla Motors Inc. is scheduling its initial public offering to trade June 29 and hopes to raise as much as $178 million through the deal.
The Palo Alto, Calif., company, which makes a luxury all-electric car that sells for $109,000, plans to sell 11.1 million shares between $14 and $16 a share. It has applied to list on the Nasdaq under the symbol TSLA.
Although Tesla has never been profitable and had sold only 1,063 of its Roadster models as of March 31, the company's offering has drawn the attention of green energy investors and high-end car buffs alike. The vehicles can accelerate to 60 miles an hour in about four seconds and are based on a model made by Lotus, the British luxury sports car maker.
The company is working on launching a $50,000 sedan by 2012. That sedan will be the first Tesla to be produced in larger volume for more of a mass audience, and its design will be a template for further mass-produced Tesla models.
Tesla, whose chairman and chief executive is Paypal founder Elon Musk, is going public just as it expects to sell fewer cars. It won't be selling its current Roadster model after 2011, leaving a gap before it rolls out the sedan, known as a Model S.
Following the IPO, Musk will own at least 28.8% of the public shares of the company, according to a regulatory filing.
Immediately following the IPO, Tesla is selling $50 million of its shares at the offering price to Toyota Motor Corp. (7203.TO, TM) as part of an agreement reached last month with the world's largest automaker. At a $15 offering price, Toyota would have 3.33 million shares and less than 3% ownership of the company. Daimler AG (DAI.XE), through its affiliate Blackstar Investco LLC, had a stake of 9.6% prior to the offering, but the stake will likely be 7% or less afterwards, a person familiar with the matter said.
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Electric-car maker Tesla Motors Inc. is scheduling its initial public offering to trade June 29 and hopes to raise as much as $178 million through the deal.
The Palo Alto, Calif., company, which makes a luxury all-electric car that sells for $109,000, plans to sell 11.1 million shares between $14 and $16 a share. It has applied to list on the Nasdaq under the symbol TSLA.
Although Tesla has never been profitable and had sold only 1,063 of its Roadster models as of March 31, the company's offering has drawn the attention of green energy investors and high-end car buffs alike. The vehicles can accelerate to 60 miles an hour in about four seconds and are based on a model made by Lotus, the British luxury sports car maker.
The company is working on launching a $50,000 sedan by 2012. That sedan will be the first Tesla to be produced in larger volume for more of a mass audience, and its design will be a template for further mass-produced Tesla models.
Tesla, whose chairman and chief executive is Paypal founder Elon Musk, is going public just as it expects to sell fewer cars. It won't be selling its current Roadster model after 2011, leaving a gap before it rolls out the sedan, known as a Model S.
Following the IPO, Musk will own at least 28.8% of the public shares of the company, according to a regulatory filing.
Immediately following the IPO, Tesla is selling $50 million of its shares at the offering price to Toyota Motor Corp. (7203.TO, TM) as part of an agreement reached last month with the world's largest automaker. At a $15 offering price, Toyota would have 3.33 million shares and less than 3% ownership of the company. Daimler AG (DAI.XE), through its affiliate Blackstar Investco LLC, had a stake of 9.6% prior to the offering, but the stake will likely be 7% or less afterwards, a person familiar with the matter said.
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