EV maker Rivian set to fetch almost $107 billion valuation in debut
 
 
 
 
 
 

EV maker Rivian set to fetch almost $107 billion valuation in debut

/ 09:46 AM November 10, 2021
Amazon Associate

Amazon-backed EV maker Rivian Automotive Inc was set to fetch a valuation of nearly $107 billion on Wednesday, as its shares were indicated to open more than 60% above their offer price on the Nasdaq.

The mammoth valuation would make Rivian bigger than Fiat maker Stellantis NV, legacy automakers and backers Ford and General Motors.

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At 10:22 am ET, the stock was indicated to open at $125 per share, blowing past the offer price of $78 per share.

Since last year, companies in the EV space have emerged as some of the hottest investments.

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Wall Street’s biggest institutional investors are betting on Rivian to be the next big player in a sector dominated by Tesla amid mounting pressure on automakers in China and Europe to eliminate vehicle emissions.

EV maker Rivian set to fetch almost $107 billion valuation in debut

the world to his company’s R1T all-electric pickup and all-electric R1S SUV at the Los Angeles Auto Show in Los Angeles, California, U.S. November 27, 2018. REUTERS/Mike Blake/File Photo

Rivian’s IPO comes against the backdrop of the U.N. Climate Summit, which saw automakers, airlines and governments unveil a raft of pledges to cut greenhouse gas emissions from global transport.

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.

The Irvine, California-based company plans to build at least one million vehicles a year by the end of the decade, its chief executive said on Tuesday.

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Rivian priced an upsized IPO of 153 million shares at $78 per share, raising nearly $12 billion, making it one of the biggest U.S. initial public offerings.

Morgan Stanley, Goldman Sachs and J.P. Morgan are the lead underwriters.

(Reporting by Noor Zainab Hussain in Bangalore; Editing by Arun Koyyur)

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TAGS: Amazon, electric vehicles EV, shares
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