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Amazon-backed EV maker Rivian soar 40% on debut

Moomoo News ·  Nov 10, 2021 13:08  · IPO

$Rivian Automotive(RIVN.US)$ 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.

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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.

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