10 Nov 2021
Highly Anticipated IPO for Rivian See Share Prices at $78
The Index Today
The highly anticipated Initial Public Offering for Rivian Automotive Inc sees $78 for a share after the firm was valued over $77 billion. Rivian Inc is backed by Amazon and previously was expected to raise $12 billion through additional share sales.
However, the share prices reached $72-$74 despite having a lower initial target of only $57-$62. During its sales pitch to potential investors, Rivian compared itself Tesla Inc despite being new in the field. It has received much appreciation from investors who see potential in its growth strategy.
The company attracted many anchor investors who showed interest in buying stocks worth over $5 billion. Amazon Inc and other firms such as T. Rowe Price Group Inc also said they would buy shares during the IPO. Originally, the company was founded to become a sports car company by RJ Scaringe. However, the focus of the company was changed as electric vehicle demand began to pick up across the globe.
Rivian aims to launch three electric vehicles this year including a delivery truck for Amazon Inc. Currently, the company has received an order for 100,000 trucks which hit plans to manufacture and deliver over the next three years. The overall value of Rivian has multiplied to cross $77 billion.
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