Tesla prices secondary public stock offering at $28.76 a share

Tesla Roadster

Tesla has announced the starting prices of its public stock offerings not too long ago. Starting at $28.76 per share, the maker of the full-electric sports car, the Tesla Roadster, said that it has fully allocated the 5.3 million shares in a secondary public stock offering.

Tesla is also selling about 1.4 million shares to co-founder and CEO Elon Musk whereas 637,475 shares will be sold to Blackstar Investco, a subsidiary of Germany’s automotive giant, Daimler.

The sales are expected to raise $211.5 million and will help the small firm fund its developmental and research expenses for its latest model, the Model X SUV crossover, which will follow its sibling, the Model S’s release in 2013.

– By: Chris Chin

Source: AutoObserver