Tuesday, June 29, 2010

Tesla IPO raises $226 million, stock price climbs

Tesla Motors' stock performed impressively its first day out.

Shares closed at $23.89 on the Nasdaq, with the price ranging from $17.54 to $25 during the day. Trading volume was 18.8 million shares.

"The IPO came on a day when U.S. stocks fell more than 2 percent," The Associated Press reported. "The offering appealed to investors, raising $226.1 million."

The AP quoted Scott Sweet, who owns IPO research firm IPO Boutique, as saying the stock was "brilliantly marketed."

Much remains for the automaker, which has yet to make a profit and is selling fewer of its $109,000 cars than projected. The Palo Alto-based company did outperform its own expectations. It had planned to sell at least 10 million shares in its initial public offering at a projected cost from $14 to $16 per share and raise $186.6 million. See more in a past post.

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