Rajiv Patel in Austin, Texas made a $1,000 down on the deposit. Rivian electric SUVIt was earlier in the year. Although he doesn’t know when his car will arrive, he has a down payment that is going to pay off.

Patel, a pre-order customer of Rivian, was able Tuesday evening to purchase shares in Rivian’s IPO as part the company’s direct share program. At the $78 IPO cost, he purchased maximum 175 shares. Following the stock popped 29%Patel now owns $17,628.

Patel, 45 said that when he invests in companies, he is a “long hold guy”. TeslaNot long after the 2010 IPO, shares were also purchased Lucid MotorsThe other was a spokesman for the company. publicIn July. “I am not a meme stock man. “These three are what I love about technology.

Patel has no other options but to bet on the tech. Rivian’s Nasdaq debut was Wednesday. It now has a market cap $86 billion. FordAbout the same as General MotorsThe company projects revenue between zero to $1 million for its third quarter.

Rivian reserves up to 7% of IPO shares as DSP participants. This is according to the company’s prospectus. The two types of investors who are eligible were: people who have reserved an electric R1S truck, or an R1T vehicle as of Sept. 30; and directors, company officers, and associates. Refundable deposits

This program is similar to Airbnb Uber DoximityThey set aside shares for their offering hosts drivers doctorsThe respective. Rivian’s DSP stands out because it doesn’t yet have customers despite an inventory of 55,400 preorders as of October 31.

In other words, if the DSP allotted its shares, Rivian’s participants would have invested approximately $835m in Rivian’s stock. The shares had a value of approximately $1.08billion as at Wednesday’s close. This is an approximate paper gain of $245m.

Joshua WhiteProfessor of finance at Vanderbilt University said that it is a fantastic deal because hot IPO stock almost always have a first day pop and retail investors often get shut out. DSP investors may also decide to sell right away, since they aren’t subject to a post-IPO lock up period.

White was previously an economist with the Securities and Exchange Commission. The product is not offered, but it can be used to build goodwill and help customers lock in their returns.

Patel got his first email from Rivian about Rivian’s DSP. It was last month. Patel was advised that he must pre-register before October 25. This program was run by Morgan Stanley.

After stock priced at $78Late Tuesday night, Patel could access his Morgan Stanley account to select the shares he desired, all up to 175. Patel selected the maximum and then transferred the money.

Patel stated that, while he is a huge fan of Tesla’s products, the Rivian R1S would be his first electric car. However, he doesn’t know when it will arrive. Rivian indicated that the company plans to ship its backlog vehicles by 2023. Rivian said that the company continues to develop delivery vehicles. AmazonIt ordered 100,000 items by 2030. 10,000 were already on order for next year.

Patel is a mother of two children and will wait until the SUV with seven-seat capacity arrives. Models X, Y and X each have five seats.

Patel explained that an SUV would be more practical for families with young children because it is much more versatile than the Y and X. Patel added that he also paid a refundable deposit to purchase a Lucid car, but that he believes he is fully committed at the moment to Rivian.

His investments are mainly focused on clean technology companies. He admitted, however, that he had sold Tesla shares in the past year and missed out on the rally of 2021.

Patel stated, “I needed to purchase a home.” Patel said, “But Austin’s housing market is amazing. So no regrets.”

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