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Tesla IPO Launches at $17/Share, Raises $226.1M, Surging 41%
In brief: Tesla Motors, makers of the Roadster and Roadster Sport, went public, with 13.3 million shares starting at $17 each.
Eager investors began snatching up those shares Monday morning, surging the stock forward to $23.89 by end of day. Tesla raised over $226 million Monday.
Tesla has posted a profit only once in its 7-year history and continues to run at a loss, though investments have been steady with big names like Toyota and Daimler putting a stake in the electric automaker.
Now under the NASDAQ Global Select Market at TSLA, the company began with 11,880,600 shares and private shareholders put in another 1,419,400 shares. Tesla received income only from the 11.88 million shares offered.
With the initial offering complete, Tesla will receive the sweetheart deal with Toyota. The Japanese maker will be purchasing $50 million in stock and Tesla will be returning most of that money to purchase the now-shuttered New United Motor Manufacturing facility (NUMMI) plant in Fremont, California.
And so ...
Big days for Tesla right now. The company will likely continue to lose money until the release of the Model S in 2012.
Photo credits: AP
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