What was Tesla's IPO price

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This content was published on June 15, 2010 - 3:45 pm

NEW YORK (awp international) - The Californian electric car pioneer and Daimler partner Tesla wants to raise around 185 million dollars with its planned IPO. A total of 11.1 million shares are to be brought to the stock exchange, according to the preliminary prospectus filed with the US Securities and Exchange Commission on Tuesday. The issue price should be between 14 and 16 dollars per share. 10 million new shares and 1.1 million papers from existing shareholders will be offered.
Following the new issue, the Japanese automaker Toyota is to acquire shares at the same issue price as part of a private placement for a total of 50 million dollars. The planned total proceeds are made up of the 10 million new shares and the estimated 3.3 million shares from the private placement, deducted from the usual costs of an initial listing. Goldman Sachs, Morgan Stanley, J.P. Morgan and Deutsche Bank.
A Daimler spokeswoman said on request that the approximately 10 percent stake held by the Stuttgart-based car maker Daimler in the Californian company will be somewhat watered down by the IPO. "How much exactly, we will only know after the IPO." Daimler joined the Californians a good year ago and has now passed 40 percent of its stake on to its major shareholder Abu Dhabi.
Tesla is supplying the lithium-ion batteries for the Dax Group's test fleet of electric smart cars. "We are convinced of the company Tesla Motors and therefore support the planned IPO," said the spokeswoman. This will give the company access to additional funding for upcoming projects. "We're sticking to our stake."
Tesla reached an agreement with Toyota in May for the development and production of electric cars. Among other things, Tesla is to build its future Model S on the site of the former NUMMI plant. California's NUMMI (New United Motor Manufacturing) plant was originally a joint venture between Toyota and General Motors that was abandoned as part of GM's bankruptcy proceedings.
Tesla has so far had an electric sports car costing more than $ 100,000 in its range, 1,000 of which have been delivered to 22 countries. The four-door Model S, which should come on the market in 2012, should be about half as expensive and come in five-digit numbers.
The company, named after electrical engineer and physicist Nikola Tesla (1856-1943), posted a net loss of $ 29.5 million in the first quarter of this year. In 2009 there was a shortfall of $ 55.7 million. At the head of the start-up is Elon Musk, co-founder of the online payment system PayPal./dct/nmu/fn, which is now part of Ebay

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