Tesla Motors hopes to raise at least $178 million in IPO
Palo Alto’s Tesla Motors now hopes to raise as much as $178 million in its much-anticipated initial public offering of stock. In a filing Tuesday with the Securities� and Exchange Commission, the electric-car maker said it plans to offer 11.1 million shares of common stock at a price range of $14 to $16, which would raise $177.6 million if it sells at $16 a share. In January, it had given a target of $100 million.
Tesla stock is expected to begin trading June 29, according to Renaissance Capital, a Greenwich, Conn., research firm that specializes in the IPO market. Following the IPO, Toyota will purchase an additional $50 million worth of the stock in a private placement as part of a deal in which Tesla will begin manufacturing at the former Toyota-GM NUMMI plant in Fremont. Tesla has applied to be listed on the Nasdaq under the symbol TSLA. Tesla makes the all-electric Roadster, a two-seat sports car with a $109,000 price tag that has limited its appeal to consumers. As of March 31, it had sold 1,063 Roadsters to customers in 22 countries.
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