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Investing.com — Rivian Automotive Inc (NASDAQ:RIVN) made a strong start to life as a public company on Wednesday, with its shares soaring on its debut.
In what is one of the largest IPOs ever, the American electric vehicle company priced its offering at $78, which was above the anticipated $72 to $74 range. However, the stock’s first trade was at $106.75, almost 37% above the IPO price. At the opening price, it’s market value was greater than that of Ford and General Motors (NYSE:GM).
The company, which has backers including Amazon and Ford, raised nearly $12 billion from the IPO after selling 153 million shares.
At the end of October, Rivian had delivered 156 Rivian R1T pickups. However, the company told investors that nearly all of the vehicles were delivered to employees.
It has plans to produce over 1,000 vehicles by the end of the year.
