Rivian Automotive Goes Public on Nasdaq: Electric Vehicle Checkpoint

November 11, 2021 Off By [email protected]_84

Rivian Automotive  (RIVN) – Get RIVIAN AUTOMOTIVE, INC. Report, the electric vehicle maker backed by e-commerce giant Amazon.com  (AMZN) – Get Amazon.com, Inc. Report and Ford Motor  (F) – Get Ford Motor Company Report, debuted on the Nasdaq Tuesday.

The Tesla competitor Rivian began trading at $106, up 36% from its offering price of $78 a share. The all-electric truck and SUV maker had filed to offer 135 million shares at between $57 and $62. The stock closed up 29% Wednesday at $100.73. 

The company immediately eclipsed other automakers, including General Motors  (GM) – Get General Motors Company (GM) Report, worth $85 billion, and Ford, worth $79 billion. The last IPO to hit that high was Facebook’s  (FB) – Get Facebook, Inc. Class A Report 2012 debut, which reached a peak market cap of $104 billion.