Tesla Motors Sets IPO Price
Tesla Motors, the Palo Alto and San Carlos, CA-based maker of high-end electric sports cars, revealed the terms for its upcoming initial public offering in an updated filing with the Securities and Exchange Commission today. The company hopes to sell 10 million shares of common stock at $14 to $16 per share, which would bring it $140 to $160 million in new capital. (Separately, Tesla shareholders are offering 1.1 million shares.) The company, which does not expect to be profitable until 2012, has raised more than $250 million in at least five rounds of financing from a large group of Silicon Valley angel and venture investors, including Compass Technology Partners, Draper Fisher Jurvetson, and Google founders Sergey Brin and Larry Page.