Tesla Motors Expands IPO to 13.3m shares, Could Raise $226m


Photo: Michael Graham Richard
A Quarter Billion of Cash Money for Tesla
Electric car maker Tesla Motors had its initial public offering (IPO) today and ended up selling 13.3 million shares of common stock, 20% more than first expected, at a price of $17, also higher than the expected range of $14-16. This should mean an infusion of about $226 million for Tesla, a much needed cash pile that will no doubt mostly be used to invest in the company's second electric car, the Model S sedan.
Photo: Michael Graham Richard

As of now, it looks like the TSLA shares are climbing ($18.91 - listed on the NASDAQ).

Tesla CEO Elon Musk (photo above) is selling 909,212 of his personal shares, and other shareholders are selling about 1 million more.

Other selling stockholders include VantagePoint Venture Partners (238,748 shares), Bay Area Equity Fund (88,586), Westly Capital Partners (72,625), Compass Venture Partners (22,931), as well as friends and family like Elon's brother (and OneRiot CEO) Kimball Musk (12,692). (source)

A bit of trivia: Tesla Motors is the first U.S. automaker to go public since Ford in 1956.

A strong IPO should send a signal to other automakers that the market is optimistic about the future of electric cars.

See also: Tesla Electric Roadster v2.5: The iPhone 4 of Electric Cars
More on Tesla Motors IPO
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Tesla Files IPO Papers, Ending Production of Electric Roadster in 2011

Tags: Electric Cars | Electric Vehicles | Transportation