$Rivian Automotive(RIVN.US)$ shares soar 40% on debut, trading at $109.88/share.
Amazon-backed EV maker Rivian Automotive Inc. priced its initial public offering at $78 a share Tuesday night, well above its expected range and valuing the company at $77 billion on a fully diluted basis.
The company plans to sell 153 million shares in its offering, raising $11.9 billion -- a figure Bloomberg News reported makes it the largest IPO of the year and sixth-largest ever on a U.S. exchange.
Rivian, founded in 2009, design, develop, and manufacture category-defining electric vehicles ("EVs") and accessories.
Rivian launched its R1T, a two-row, five-seat pickup truck, in September. It plans to launch an SUV, the R1S, in December. Wider sales of the truck and the SUV are expected to begin in December and January.
Comment(5)
Amazon is competing with Tesla on EV
Look like EV is the way to go
This is inaccurate. It opened at 106 and closed at 100. If anything, it fell by >6%.
Wah Jeff also want to sell 10%
👍🏻
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