Rivian $RIVN IPO opens 37% above initial pricing with $93.3 billion market cap


Rivian Automotive’s initial public offering (NASDAQ: RIVN) has officially opened 37% higher than its initial pricing at $78 per share. Rivian shares started public trading at around 1 PM ET on Wednesday, with shares opening at $106.75.

Rivian priced 153,000,000 shares at $78, giving the automaker a massive valuation of $66.5 billion just a month after it started initial deliveries of the R1T pickup. However, the IPO price popped 60% to levels of around $120 per share earlier this morning, before settling into its $106.75 price, giving Rivian a valuation of $93.3 billion.

Rivian $RIVN stock soars 52% in IPO as investors embrace EV sector

Rivian is now the fifth most valuable automaker globally, with Tesla, Toyota, Volkswagen, and BYD being the only car companies with a higher valuation than the Normal, Illinois-based company headed by CEO RJ Scaringe. By comparison, Tesla has a $1.063 trillion market cap, while Lucid has a valuation of $67.68 billion.

At the time of writing, Rivian shares were trading at $112.51.

“It’s an exciting day,” Scaringe told Ed Ludlow of Bloomberg during an interview this morning. “For us, this is the result of lots and lots and lots of effort from a variety of different folks across the whole business. We spent years and years putting this together, and really what’s so exciting is seeing such a diverse group of people with diverse backgrounds and interests really coming together to create these products.”

Rivian has sizeable financial backing from e-commerce giant Amazon, which owns 20% of the automaker. Amazon disclosed its 20% ownership position in Rivian in a 10-Q filing earlier this month. Rivian is currently producing and delivering the first of 100,000 units of an all-electric delivery van. Rivian intends to deliver all 100,000 units by the end of 2030.

Disclosure: Joey Klender is not a RIVN Shareholder.

I’d love to hear from you! If you have any comments, concerns, or questions, please email me at [email protected]. You can also reach me on Twitter @KlenderJoey, or if you have news tips, you can email us at [email protected]

Rivian $RIVN IPO opens 37% above initial pricing with $93.3 billion market cap

Products You May Like

Articles You May Like

Flooded BC Extends Fuel Rationing Ahead of Storm
Oil Crashes as New Covid Variant Roils Markets
Tesla Giga Berlin’s full approval to be granted in a few days: report
Elon Musk says SpaceX could soon face bankruptcy – here’s why that’s unlikely
U.S. natural gas sinks, on track for worst month in three years

Leave a Reply

Your email address will not be published. Required fields are marked *