Advertisement

That controversial IPO this morning? Yeah, it went really well.

Tesla Motors, the first automaker to go public since Ford did so more than half a century ago, sold 13.3 million shares at $17 a share. That's better than the $14 to $16 range the company had predicted, and it gives Tesla $226.1 million to use to develop its next generation sedan. 

At the bell ringing ceremony this morning in Times Square, CEO Elon Musk was ebullient, calling the IPO a "a fantastic day." From there, the stock proceeded to skyrocket. When the markets closed, Tesla's stock price was up to $23.89 a share, a 41 percent gain for the day.

Now the hard part: Using the money to bring this to market.

Last updated: Jun 29, 2010




Register on Inc.com today to get full access to:
All articles  |  Magazine archives | Livestream events | Comments
EMAIL
PASSWORD
EMAIL
FIRST NAME
LAST NAME
EMAIL
PASSWORD

Or sign up using: