Rivian Had the Biggest IPO for a U.S. Company Since Facebook

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Rivian Had the Biggest IPO for a U.S. Company Since Facebook

Electric upstart Rivian recently began deliveries of its first production vehicle, the R1T, beating to market the long-delayed Tesla Cybertruck and pickups from legacy automakers such as Ford and General Motors. With the R1T now rolling off the line, Rivian made its much-hyped debut on the U.S. stock market, pricing its upsized initial public offering of 153 million shares at $78 per share.

Rivian, backed by giants including Amazon and Ford, was initially expected to price its stocks between $57 and $62 before increasing that range last week to between $72 and $74 per share. The new $78 figure helped Rivian raise an estimated $11.9 billion, making it the biggest IPO for an American firm since Facebook earned $16 billion when it went public in 2012. Rivian’s IPO is the largest worldwide this year and the 12th largest of all time, as reported by CNN Business. According to the Wall Street Journal, Rivian will have an initial valuation upwards of $77 billion, making it almost worth as much as one of its major backers, Ford.

Rivian, backed by giants including Amazon and Ford, was initially expected to price its stocks between $57 and $62 before increasing that range last week to between $72 and $74 per share. The new $78 figure helped Rivian raise an estimated $11.9 billion, making it the biggest IPO for an American firm since Facebook earned $16 billion when it went public in 2012. Rivian’s IPO is the largest worldwide this year and the 12th largest of all time, as reported by CNN Business. According to the Wall Street Journal, Rivian will have an initial valuation upwards of $77 billion, making it almost worth as much as one of its major backers, Ford.

For the full story, check out this article from Car And Driver.

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