Tuesday, June 29, 2010
Tesla Shares Soar On First Day of Trading While Market Tanks
Tesla (ticker: TSLA), the electric car maker, sold 13.3 million shares in its initial public offering on June 29th, a fifth more shares and at a higher price than the originally planned. Offered at $17, above the expected price range of $14 to $16, the stock opened trading at $19 dropped and then raced ahead by 41% to close its first day of trading at $23.89 per share. The IPO raised $226 million. All this on a day when the Dow fell 268 points.