Tesla raises $226 million from IPO, sells each share for $17

Tesla Motors, which will start trading later today on the NASDAQ Stock Market under the ticker TSLA, raised $226 million by selling shares above its forecast price range, according to the Securities and Exchange Commission filing. Tesla sold a total of 13.3 million shares at $17 each, more than its initial range of $14 to $16.

Tesla will use the money to pay for factories, possible acquisitions and the production of the Tesla Model S sedan.

The Tesla Motors IPO was the first by an American automaker since FoMoCo went public in 1956.

We’ll have more details from Tesla later today.

– By: Omar Rana

Source: Automotive News (Subscription Required)