Tesla increases IPO shares to 13.3 million one day before trading begins

Jun 28th 2010 at 3:54PM

The day before the most anticipated automotive IPO in recent history, Tesla Motors raised the numbers of shares it will publicly trade by nearly 20 percent. The increase in shares gives us an indication that initial interest in the start-up is stronger than expected. As Tesla readies its IPO, the company has decided to increase the number of shares that it will offer from the previously reported 11.1 million up to the new mark set at 13.3 million.

Tesla remains confident that the initial shares will sell in the $14 to $16 range. At that price, Tesla will raise as much as $200 million on its IPO. Pricing for Tesla's stock should be finalized later this evening and the IPO will kick off first thing Tuesday morning with Tesla CEO Elon Musk on hand for the bell ringing ceremony scheduled at 9:20 AM EST. The stock will trade on the NASDAQ exchange under the symbol TSLA. With the IPO upon us, have you decided whether or not to invest?

[Source: Reuters]
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