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06/15/2010

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