Tuesday, June 29, 2010

"Who Wins in the Tesla IPO?" (TSLA)

This is neither an offer to sell nor a solicitation of an offer to buy...

I went over some of my reasons for shying away from IPO's when A123 came public in September, 2009. 
(priced at $13.50, first day close $20.29, close yesterday $9.88)
I am interested in the VC biz and here earth2tech did a bang-up job:

Tesla Motors, the electric car startup scheduled to launch an IPO on Tuesday, has racked up millions of dollars from a slew of investors since its founding in July 2003. For some of those backers who took a chance on this greentech venture early on, Tesla’s initial public offering could spell “ka-ching.” Here’s the rundown on who among Tesla’s executive directors and officers own what portion of the company, who will and won’t be selling shares at the IPO, according to Tesla’s S-1 filing, and what their stakes will be worth (on paper, at least) if Tesla’s stock trades at $15 per share, the mid-point of the company’s estimate.

Shareholder Pre-IPO Stake Shares Being Offered Value of Offered Shares*
Elon Musk, CEO, Chairman and Product Architect. Also the CEO, CTO and Chairman of SpaceX, and Chairman of SolarCity. Co-founded PayPal and Zip2. 28.3M shares (35.62 percent) worth more than $424.5M at $15 apiece. 909,212 $13,638,180
Herbert Kohler, member of Tesla’s Board of Directors since May 2009. Heads up electric vehicle development for Daimler and serves as VP of Blackstar Investco, owned 60:40 by Daimler and Abu Dhabi’s Aabar Investments. If Musk leaves the CEO post before 2013, his replacement has to beapproved by Kohler under Tesla’s financing agreement with Daimler. 7.48M shares (9.56 percent) worth more than $112.3M at $15 apiece. 0 $0
H.E. Ahmed Saif Al Darmaki, member of Tesla’s Board of Directors since September 2009, representing Abu Dhabi’s Al Wahada Capital Investment. Darmaki is Planning & Development Director of the Abu Dhabi Water and Electricity Authority, which invests through Al Wahada. 7.3M shares (9.32 percent) worth nearly $109.5M at $15 apiece. 0 $0
Antonio Gracias, member of Tesla’s Board of Directors since May 2007, representing Valor Equity Partners, where he is chief executive officer and chief investment officer. 4.91M shares (6.27 percent) worth nearly $73.7M at $15 apiece. 0 $0
Steve Jurvetson, member of Tesla’s Board of Directors since June 2009, representing VC firm Draper Fisher Jurvetson, where he is managing director. Jurvetson is also a director of Musk’s SpaceX. 2.8M shares (3.53 percent) worth nearly $41.5M at $15 apiece. 0