Tesla unveiled its biggest programme of new share sales as a public company, seeking to cash in on soaring Wall Street interest in the electric carmaker to raise up to $5 billion that will ease future debt pressures.

The move comes a day after a 5-for-1 stock split took effect, Tesla’s first since its initial public offering in June 2010, and follows a nearly six-fold increase in the value of its shares this year.

Tuesday’s share sale comes as Tesla seeks to massively expand production of its existing vehicles and build new factories near Berlin, Germany and Austin, Texas. The company also plans to launch new lines of vehicles, including a semi-truck called the Tesla Semi and its futuristic Cybertruck.

Tesla said it plans to use proceeds from the offering to strengthen its balance sheet and for general corporate purposes.

Craig Irwin, a Roth Capital Partners analyst who has the equivalent of a ‘hold’ rating on the stock, on Tuesday said the capital raise did not come as a surprise.

“They will need cash for all the facilities they are building, and new growth initiatives,” Irwin said. Ten major banks, including Goldman Sachs, Bank of America Securities, Citigroup Global Markets and Morgan Stanley, will conduct the sale, the electric carmaker said in a filing, giving no deadline for its completion. David Whiston, an analyst at Morningstar Research, said it remained to be seen how much money Tesla will ultimately raise. The company had $8.6 billion in cash and cash equivalents at the end of June.

“I can understand them taking advantage of the stock?s incredible run, but they do not need the money right now,” Whiston said.

Tesla in February had announced plans to raise $2 billion in a stock offering.

Reuters