Tesla Worth $1.7BN .... According To Its Bankers
Electric car start-up Tesla Motors set the roadshow terms for it’s IPO today. It plans to sell 11.1MM shares @ $16/share for gross proceeds of $177.6MM (excluding a potential 1.1MM share shoe), plus another $50M worth of stock to Toyota. Total shares outstanding after the IPO, including issued options would be 107.6MM giving the total company a fully diluted market capitalization of $1.72BN post-IPO if all goes according to plan (enterprise value will be over $2BN if they take down all their DoE financing).
This values Tesla at just under 21X its annualized Q1 2010 revenues of $20.6M. For comparison, Ford Motor, trades at about 0.3X annual revenues and did $31.6BN in revenues in Q1.
It will be very interesting to see if they can price this deal at anywhere close to those levels.
Please Note: This is not a recommendation to purchase Tesla stock (not that could if you wanted to because it isn’t even public yet). Please see my disclaimer for more details.
June 15, 2010 | Permalink