Amazon-backed EV maker Rivian gears up for IPO raising $11.9bn

EV maker Rivian on track to become one of the largest stock market entrants of the decade

Rivian                                 
Rivian's sustainable transportation has a particular focus on SUVs and trucks - Photo: Shutterstock
                                

Electric vehicle maker Rivian is set to make its Nasdaq debut as it raises more than $11.93bn ahead of its IPO.

Rivian posted initial share prices of $78 a share, which are set above market expectations, and is on track to become one of the largest stock market entrants of the decade and the biggest of this year so far.

The EV maker plans to list on Nasdaq under the ticker symbol RIVN and is set to start trading on Wednesday morning, a filing confirmed

Market confidence

Founded in 2009, Rivian is an American electric vehicle manufacturer focused on sustainable transportation with a particular focus on SUVs and trucks, of the largest growing segments for consumers in the US. 

Rivian, in which Amazon holds a 20% stake, has a close relationship with the tech giant as the two have worked together through the course of the year. Earlier this month, it was relieved that Rivian would produce 100,000 electric delivery vehicles for Amazon by 2030.

Amazon boss Jeff Bezos and his team also rode in Rivian’s electric pickup trucks as he arrived to the landing site of his Blue Origin New Shepard rocket, ahead of his foray into space. 

The new funding of $11.9bn would position Rivian with a market share valuation of $66.5 billion, and make the startup the second most valuable automative maker behind Tesla. The startup however, will look to emulate Tesla's success as it recently surpassed a $1 trillion market valuation, while competitors Honda and Ford have a market cap of $53bn and $80bn, respectively. 

Ford is also a long term backer of Rivian.

Further reading: Evergrande shares jump following electric vehicle unit push

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