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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

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The thoughts and opinions on this blog are mine and mine alone and not affiliated in any way with Inductive Capital LP, San Andreas Capital LLC, or any other company I am involved with. Nothing written in this blog should be considered investment, tax, legal,financial or any other kind of advice. These writings, misinformed as they may be, are just my personal opinions.