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blogs.wsj.com : Tesla Motors Valued At $1.33 Billion Ahead Of Tuesday’s IPO
June 28, 2010, 11:19 PM ET
By Scott Austin
Wall Street has given Tesla Motors Inc. the green light to hold its initial public offering Tuesday, after the unprofitable electric-car company’s underwriters priced the deal above expectations.
Tesla and some of its shareholders sold a total of 13.3 million shares at $17, higher than price talk of $14 to $16 in an already beefed-up offering. The deal gives Tesla $202 million in proceeds, which the company expects to use to develop its next vehicle called the Model S, build a manufacturing facility and fund the expansion of its retail stores. The offering, the first by a U.S. automaker since Ford Motor Co.’s IPO in 1956, also immediately values Telsa at $1.33 billion.