- Tesla sets June 29 date for IPO of 11.1 million shares.
- EV maker hopes to raise up to $178 million.
- Stock will be priced between $14 and $16.
PALO ALTO, California — Tesla Motors hopes to raise up to $178 million with an initial public offering of 11.1 million shares of stock, priced between $14 and $16, the company said Tuesday in an amended filing with the Securities and Exchange Commission.
The electric-vehicle maker has applied to list its stock on Nasdaq under the symbol TSLA.
According to the Web site PEHub.com, if Tesla prices its IPO at $16, the implied valuation of the company would be close to $1.5 billion, including the shares already privately held by Chairman Elon Musk, early-stage investors and such shareholders as Daimler AG.
It's been a busy year for Tesla, which has sold more than 1,000 of its battery-powered Roadsters and hopes to use the money from its IPO to set up assembly of the mid-priced Model S sedan in mid-2012 at Toyota's abandoned NUMMI plant in Fremont, California.
In May, Toyota said it plans to invest $50 million in Tesla, buying stock at the IPO price. The two companies also will collaborate on the development of a small electric vehicle.
In January, the U.S. Department of Energy confirmed the release of a $465 million loan to Tesla to help build the Model S assembly plant.
A year ago, Tesla said it would also team with Daimler to jointly develop an affordable electric vehicle, much like the Smart EV, for which Tesla is supplying lithium-ion battery packs. Daimler agreed to acquire nearly 10 percent of Tesla in May 2009.
Inside Line says: One of the most highly anticipated green-tech stock offerings of the year. — Paul Lienert, Correspondent
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charlesb says:
08:22 PM, 06/16/2010
Tesla is a joke and should go away, seriously.
delraylocal says:
11:05 AM, 06/16/2010
That stock will plummet after that ipo comes out.
I am going to pick some up around 6 bux a share.
bjerke says:
03:21 PM, 06/15/2010
"Ev maker *HOES* to raise up to $178 million"
lol typos.