Rivian’s Biggest IPO
Rivian Automotive RIVN stock surged 52.13% on its first day of trade, valuing the electric vehicle maker backed by Amazon.com AMZN and Ford F at more than $90 billion at last check.
Rivian shares opened at $106, up 36% from its initial public offering price of $78 per share. The all-electric vehicle and SUV manufacturer has filed to sell 135 million shares for $57 to $62 each.
The stock ended the day’s trading at $100.10.
On Nov. 5, it raised the price range to $72 to $74 per share and increased the number of shares on offer to 153 million, according to a statement released late Tuesday.
The most recent IPO to achieve that level was Facebook’s initial public offering in 2012, which had a market cap of $104 billion.
Rivian expects to lose up to $1.28 billion in the third quarter, with revenue ranging from zero to $1 million, according to its prospectus. It’s the latest electric vehicle startup to raise money at a high price without proving a sustainable business strategy.
While no Rivian trucks are currently on the road, the business claims to have a 55,400 pre-order backlog for its R1T and R1S electric cars in its prospectus.
The R1T is priced from $67,500, while the R1S is priced from $70,000. By the end of 2023, all orders should be fulfilled.
Order from Amazon for 1,00,000 vehicles to be delivered by 2030 is also on Rivian’s books. As early as next year, the firms hope to have 10,000 new Rivian-Amazon delivery cars on the road.
Before the IPO, Amazon controlled 22.4 per cent of Rivian’s Class A shares, having invested more than $1.3 billion in the company. At the offer price, that stake is worth around $12.5 billion. Before the transaction, Ford controlled 14.4 % of Class A stock, a position worth $8 billion.
Rivian claims that its Illinois factory can build up to 150,000 vehicles per year. As of the end of June, the company employed over 6,000 people.
Whose IPO is the biggest since Facebook?
Rivian’s IPO is the biggest since Facebook.
How much did Rivian’s stock rise on the first day of trading?
Rivian’s Stock Surges 52% on First Day of Trading.
What was the IPO of Rivian?
Rivian’s IPO was the sixth-largest in US history and the largest of 2021. Following a $78 listing price, the stock rose to $172.01, giving the company a market value of more than $100 billion – making it more valuable at the time than both Ford Motor Co., also an investor, and General Motors Co., Whose IPO is the biggest since Facebook?
Rivian’s initial public offering price?
Rivian went public on November 10, 2021, under the ticker “RIVN,” with an initial offering price of $78.00. The corporation raised roughly $12 billion by selling 153 million shares. Rivian’s market capitalization was $127.3 billion at the end of November trading.
Who is at stake in Rivian?
At the end of December, Soros Fund Management had a $2.1 billion stake in the company. Soros Fund Management, George Soros’ family investment firm, announced a new position in Rivian Automotive RIVN +5.55 per cent, an electric vehicle startup.
