Shares selling at $78, above its target range.
Investors are betting that Rivian’s the next Tesla.
Rivian is well on its way to becoming an even bigger deal. Yesterday, it sold shares in its initial public offering (IPO) at an impressive $78 per share. The resulting rush to buy generated $11.93 billion making it one of the top 10 IPOs of all time.
Rivian boosted the price of its 153 million shares from an initial range of $57 to $62 per share. It increased the pricing from $72 to $74 only to finally settle on $78. Rivian’s plan worked as investors have long thought that this EV start-up will become the next Tesla.
With the exception of the disturbing Laura Schwab lawsuit against Rivian which alleges that its toxic bro culture derailed her career, the EV startup’s fortunes are looking up. It recently revealed that production was underway and that it had a clear timeline for delivering all 55,400 pre-orders. Although some deliveries have taken place, Rivian has recorded a net loss in the third quarter.
Reuters reports that Rivian will list its shares on the Nasdaq under the “RIVN” symbol starting today.
