Well, looks like Tesla Motors (TSLA) left a considerable pile of money on the table.
The electric car company shares continue to ratchet higher. The company, which went public yesterday at $17 a share, above the price talk range of $14-$16, closed yesterday with a gain of more than 40%, to finished at $23.89. This morning, the upward march continues: the stock is up another $4.80, or 20.1%, to $28.69.
In the offering, the company itself sold just under 12 million shares, with a few million more from selling holders, assuming the underwriters exercised the over-allotment option. In essence, with the stock trading more than $10 a share above the offering price, you could argue that the underwriters screwed up, and in effect left more than $100 million on the table that could have gone into Tesla’s pockets rather than into the hands of IPO flippers. Meanwhile, the stake in the company held by founder Elon Musk is now worth around $780 million; at this rate he could be a billionaire by this afternoon.
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