Tesla IPO Raises S226 Million
The value tops the initial Tesla estimates for the transaction, which indicated a predicted value somewhere between $14 and $16 per share. The EV maker has received an initial evaluation of $1,33 billion.
A Securities and Exchange Comission filling shows the funds will be used for production site payments and for potential future acquisitions.
Elon Musk, the company’s CEO and top shareholder, who is also the man behind the PayPal system, must be rubbing his hands with excitement now, as reports show that he had spent $70 million of his own money to offer a boost for the carmaker.
Tesla’s IPO succes comes as a surprise, as the company is far from entering the profit zone. Tesla has posted a loss of $230.5 million since 2003. However, the automaker has recently reached an agreement with Toyota to build electric cars at the former NUMMI plant in the U.S. Tesla will build the Model S, its second vehicle, at the plant. The factory will be supported by a $50 million investment coming from Toyota.
Tesla’s current range only includes the Roaster model, but the company plans to further expand its line-up after it launches the Model S sedan in 2012. The automaker is planing to enter multiple segments of the market, as it has revealed in a recent official presentation.
Tesla will start trading its shares on the Nasdaq Stock Market today using the TSLA symbol.