The electric car maker, based in Palo Alto, says its IPO will be 13.3 million shares, instead of the planned 11.1 million. That would suggest a stronger-than-expected interest in the company, even though it could be a decade or more before electric car technology gains a foothold in the market. Company lost about $55 million last year. For now, it seems like a vanity stock. From the WSJ:
"They're trying to sell this as a tech company, but it's still a car," said John Fitzgibbon, president of IPO rating firm IPOScoop.com, who has reservations about the company's financial performance but believes the IPO will perform well. "It's still a ways from a touchdown; they need to be producing a sufficient number of cars in order to generate net income."
Trading is expected to begin tomorrow. Company is looking to raise up to $185 million.