Tesla plans to raise $244M in IPO
By Silicon Valley / San Jose Business Journal
Electric car maker Tesla Motors Inc. said in a regulatory filing Monday that it plans to raise up to $244 million in its initial public offering.
Palo Alto, Calif.-based Tesla — which had earlier announced plans to raise up to $177.6 million — said in the latest filing that it plans to sell 13.3 million shares, up from the earlier plan of 11.1 million shares.
Tesla gave its underwriters the option to buy 1.995 million more shares under certain conditions. Goldman, Sachs & co. is underwriting the IPO along with Morgan Stanley, J.P. Morgan and Deutsche Bank Securities.
Reports Monday suggest the high end of the planned range of $14 to $16 per share could be reached. The company has asked for the Nasdaq ticker symbol TSLA.
Tesla and Toyota Motor Corp. are also working together in a joint venture.
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