Amazon-backed company set to start trading at 60% above its offer price of $78 a share
A Rivian R1T electric pickup truck ahead is seen outside the Nasdaq MarketSite in New York, US, on November 10 2021, ahead of the company's IPO. Picture: BLOOMBERG/BING GUAN
The mammoth valuation would make Rivian bigger than Fiat maker Stellantis, and backers Ford and General Motors. EV companies have emerged as some of the hottest investments. Wall Street’s biggest institutional investors are betting Rivian will be the next big player in a sector dominated by Tesla as automakers in China and Europe face mounting pressure to eliminate vehicle emissions.
Founded in 2009, Rivian has been investing heavily to ramp up production, doubling down on its upscale all-electric R1T pickup truck, which was launched in September.
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