Rivian completes largest IPO since Alibaba
Rivian, an Irvine, Calif.-based electric truck maker, raised $11.9 billion in its IPO and began trading Wednesday on the Nasdaq.
Why it matters: This is the largest IPO since Alibaba in 2014, bumping Uber down a notch.
Details: Rivian priced at $78 per share, well above both its original and upwardly-revised ranges, for a fully diluted valuation north of $77 billion.
- It had raised around $11 billion from firms like Amazon, T. Rowe Price, Oryx Global, Ford Motor Co. and Manheim Investments.
- The 12-year-old company last month began delivering its first vehicles, with plans to have 1,000 on the road by year-end, and reports tens of thousands of pre-orders that it hopes to fill by the end of 2023.
- For context, Tesla went public seven years after being founded, raising $276 million at a $1.6 billion valuation. At the time, it had raised less than $1 billion in private funding and had already begun delivering its first Roadsters.