By Leena Rao
Electric car manufacturer Tesla is pricing its IPO at $17 per share, according to a release issued yesterday evening. We just wrote Monday that one day before its scheduled IPO, Tesla Motors increased the allotment of shares that will be sold to the public from 11.1 million to 13.3 million, according to an amendment to its S1 filing.
The $17 pricing per share is well above the expected range of $14 to $16. With the pricing, the electric car maker will debut with a $1.5 billion market cap (based on 93.5 million total shares outstanding after the IPO and a concurrent $50 million private placement with Toyota). Of the shares in the offering, 11,880,600 shares are being offered by the company and 1,419,400 shares are being offered by selling stockholders.
Tesla has already raised $783 million in venture capital and government loans. Tesla is expecting to raise about $210 million in the IPO, bringing the total raised to just over $1 billion.
Tesla’s stock will start trading on the Nasdaq under the symbol TSLA Tuesday morning.