Electric Fever: Tesla prices IPO above range at $17 a share TNR.v, CZX.v, LMR.v, RM.v, LI.v, WLC.v, SQM, FMC, ROC, F, NSANY, BYDDY, HEV, AONE, FCX, GM
Tesla was able to price its IPO at the high band and is raising now more than double the amount announced before - it is a very good appetite for the first public Electric Car play. Will be interesting to see trading today in these kind of markets. Will Lithium plays be able to define the gravity as well in their trading now? Word about electric Mobility is out and Tesla will be the best PR campaign now.
HONG KONG (MarketWatch) -- Silicon Valley-based electric-vehicle maker Tesla Motors Inc. said Tuesday it had priced its much-awaited initial public offering at $17 a share, above the planned $14-$16 range.
Earlier in the day, the electric car maker had increased the number of shares for the IPO by 20% to 13.3 million shares, of which insider holdings will constitute 1.4 million shares.
Tesla logo outside a showroom in Chicago.
Tesla said that those selling shareholders have granted the underwriters a 30-day option to purchase up to an additional 1.995 million common shares to cover for any over-allotments.
The price implies an issue size of $260 million, including the possible sale of any additional shares to cover the over-allotment.
The shares are slated to begin trade Tuesday under the ticker TSLA.
Tesla, whose top-end Roadster model sells for more than $100,000, was founded in 2003 by Chief Executive Officer Elon Musk and Chief Technical Officer J.B. Straubel. It has yet to turn a profit.
Nonetheless, the stock is likely to attract a cult following, said Scott Sweet, senior managing partner of IPO Boutique. Read full story on Telsa IPO."