Tesla Motors increases share offering by 20 percent

Tesla Model S

Investors are getting excited about Tesla Motors offering its shares for the first time tomorrow – so much so that the electric-car company based in Palo Alto, California raised the number of shares it well sell in its initial public offering by 20 percent.

The move shows that investor interest in the startup is strong. The increase, which comes the same day the shares are expected to be priced, increases the numbers of share from 11.1 million to 13.3 million.

Tesla is expected to maintain its price range at $14 to $16 a share. When based on the midpoint of $15 per share, the IPO could get Tesla to raise about $200 million.

The final price of the shares is expected to be released on Monday, and the stock will trade on the NASDAQ on Tuesday under ‘TSLA.’

– By: Omar Rana

Source: Reuters