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EV maker Rivian set for high-profile market debut after mammoth IPO -Breaking

by Mike Robinson

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© Reuters. FILE PHOTO – The Rivian R1T electric truck is shown at an event held by the startup for those who have preordered it. It was taken in Mill Valley (California), U.S.A, on January 25, 2020. REUTERS/Nathan Frandino/File Photograph

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(Reuters). Rivian, the Amazon-backed maker of electric vehicles, is scheduled to make its Nasdaq debut Wednesday after it raised almost $12 billion in a larger offer. It was one of America’s largest initial public offerings.

The EV industry has been a hot investment area since last year. Wall Street’s most prominent institutional investors have placed their bets on Rivian as the next great player in a space dominated previously by Tesla (NASDAQ:).

Globally, the EV market has seen a rise in demand as more people become environmentally aware and invest in eco-friendly cars.

Rivian had the highest number of new followers in 24 hours via Stocktwits. These are commonly used as measures for retail investor interest.

Rivian, founded in 2009, has made significant investments to increase production. Rivian also doubled the price of its high-end all-electric R1T pickup trucks, which were launched in September.

According to a regulatory filing, the EV manufacturer was also backed Ford Motor (NYSE) Co.

Rivian said it had priced a large IPO, with 153,000,000 shares, at $78 per share. It had increased its range from $57 to $62 by increasing the price to $72-$74 per share.

T. Rowe Price and Amazon (NASDAQ) along with Franklin Templeton and Capital Research are some of the “cornerstone investors”, who have indicated that they will buy shares up to $5Billion.

Rivian will list shares of its company on Nasdaq, under the symbol “RIVN”.

Morgan Stanley The lead underwriters for this project are Goldman Sachs, J.P. Morgan and Goldman Sachs.

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