But can it deliver value?
The company on Tuesday officially announced its initial public offering of 13.3 million shares of common stock, setting the price at $17.00 per share, for a grand total value of $226 million. (NASDAQ ticker symbol: TSLA)
The news comes just two weeks after, with a little help from Japanese auto giant Toyota.
Fueled by hype for the cleantech poster child, trading for the company actually opened higher at $19, immediately dropping to $17.54 but settling (at the time of this writing) around $18.64 per share.
That boosts the potential value of the company to $248 million.
A quick rundown of the nitty-gritty:
- 11,880,600 shares are being offered by the company.
- 1,419,400 shares are being offered by selling stockholders.
- The selling stockholders have granted underwriters a 30-day option to purchase up to an additional aggregate of 1,995,000 shares of common stock to cover over-allotments.
- Goldman, Sachs & Co., Morgan Stanley, J.P. Morgan and Deutsche Bank Securities are handling the books for the offering.
Tesla's mission is to produce affordable electric cars to mainstream buyers. The Palo Alto, Calif.-based startup began with the high-performance, high-price tag ($100,000) Roadster, and will succeed that model with the more modestly priced Model S, a four-door model with a price tag that's half as large.
To date, the company has produced and delivered more than 1,000 electric cars to customers on three continents.
The question: can the company actually help tip the economic scales and drive down the cost of EVs?
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