Tesla's $178 Million IPO Set For June 29

tesla electric roadster 178 million ipo photo

Photo: Wikipedia, CC
Update: Tesla Motors Expands IPO to 13.3m shares, Could Raise $226m
Might Not Be Able to Afford a Tesla Electric Car, But You Can Buy a Share
It's official, Tesla Motors will have its initial public offering (IPO) on June 29th, 2010. The electric car maker is planning to sell 11.1 million shares between $14 and $16 per share, for a total of about $178 million. It has applied to list on the Nasdaq exchange under the symbol "TSLA."

Photo: Wikipedia, CC
Are Planning to Buy a Piece of Tesla?
This welcome infusion of cash will no doubt be used to move forward the production of the Model S electric sedan, Tesla's second model, a more mainstream and less expensive sedan on which the whole future of the company now rests.

Deal with Toyota

Immediately after the IPO, Tesla is selling $50 million of its shares at the offering price to Toyota Motor Corp. as part of an agreement reached last month. At a $15 offering price, Toyota would have 3.33 million shares and less than 3% ownership of the company. Daimler AG, 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. (source)

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