Today is not the best day for an IPO. The Dow is down nearly 250 points. Tesla Motors rang the Nasdaq opening bell this morning to commemorate its initial public offering under the ticker symbol TSLA.
Tesla’s stock was priced at $17 per share yesterday. Its opening price was $19, a 12 percent pop, but it immediately dropped more more than $1 after trading began. The stock dipped below $17.70 before rebounding back above $18. So it is still better than the IPO price, and the company was able to price the shares above its initial $14 to $16 range, and raise $202 million in the process.
At $18, the company has a market cap of about $1.7 billion. The company sold 13.3 million shares, 11,880,600 through the company and 1,419,400 through selling stockholders. This is the first time an automotive company has gone public in more than 50 years.
Any bets on where the shares will end the day?
