Tesla is nearing the end of the marketing phase of their IPO and the curent plan is to price the offering tomorrow, June 29th. (If market conditions permit.)
Many recent IPO transactions that we have been following have been pricing below-range (Broadsoft, Motricity, HigherOne, Fabrinet), so Tesla may be offered below the filing range in order to get the deal done.
Research 2.0 updated their full company report on Tesla and looked more completely at valuation. (This report is being distributed by SharesPost and is available there with a free registration.)
Simply put, the proposed filing range makes the stock a rather expensive call option considering that the Intrinsic Value of the company turns positive and begins a steep ramp in 2012 or 2013 depending on the timing of their Model S production ramp. Meanwhile, the shares will trade on news and investor appetite for risk, which is rather variable these days.
We put the Tesla valuation scenarios on the website in the secure Presentations area in PDF form for Toffee subscribers. (Chocolate subscribers may also get them in spreadsheet format by email request.)
Other IPO names that we are tracking and may price this week include AutoNavi Holdings, MagnaChip and HiSoft. Our next IPO Candygram will be published this Thursday, July 1st.
Disclosure: Disclosure: No positions in any stocks mentioned