Breaking: Rivian Automotive (RIVN) opens at $106.75
|Rivian Automotive listed on the Nasdaq today in one of the hottest IPO's of the year. Rivian is listed under the ticker symbol RIVN. RIVN opened at $106.75 from the IPO price of $78.
Rivian is an electric vehicle manufacturer backed by Amazon and Ford. Demand was exceptionally high for this one. The initial price range for the IPO was $57 to $62 but this was increased sharply to $72 to $74 on Monday after a strong investor roadshow. Finally, the IPO price was set late Tuesday at $78 meaning Rivian (RIVN) raised nearly $12 billion dollars in what is one of the top 10 biggest US IPO's ever.
Rivian opened for trading on the Nasdaq at $106.75 giving it a market cap of over $100 billion. This makes it bigger than Ford (F), BMW, General Motors (GM), Honda, and others. Volkswagen which owns VW, Audi, Porsche, Skoda, SEAT, Lamborghini has a market cap of $122 billion.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.