One
of the most recognizable names in the burgeoning electric car market
is Tesla. The company has been offering its Roadster since 2008. The
Roadster is positioned as a luxury sports car with performance
capable of matching that of some combustion engine powered sports
cars.
MarketWatch reports
today that the Tesla
IPO is set to start on June 29 (it announced
its intent to file an IPO back in January). The company plans to
offer 11.1 million shares at a price of $14 to $16 per share. As soon
as the IPO starts, Tesla has agreed to sell $50 million of its stock
to Toyota. It was also revealed that Tesla is purchasing the idled
NUMMI auto manufacturing facility, located in Fremont, California,
for $42 million.
Tesla will trade with the ticker symbol TSLA.
The SEC filing that Tesla filed lists shareholders with more than 5%
ownership in the company including Elon Musk, Al Wahada Capital
Investment LLC, Blackstar Investco LLC, VantagePoint Venture
Partners, and Valor Equity Partners.
Tesla was also granted a
$465
million loan by the U.S. Energy Department this year. So far,
Tesla has drawn over $45 million in funds from that loan
reports MarketWatch as
of June 14. Tesla's IPO is set to raise as much as $180 million, much
more than Tesla stated it would raise in January.
In May,
Tesla announced a broad
partnership with Toyota – the pair is teaming to produce
electric vehicles at the NUMMI plant.
