Rivian Prices IPO at $78 to Reach $77 Billion Valuation
Electric truck maker Rivian prices its shares at $78, far exceeding initial targets as massive investor demand pushes the startup to a $77 billion valuation.
Electric automaker Rivian prices its initial public offering at $78 per share, pushing the company far above its original target range. The company offers 153 million shares of common stock and provides underwriters an option to purchase an additional 22.95 million shares, reflecting immense investor interest in the highly anticipated offering.
The raised price point generates approximately $11.9 billion in gross proceeds before expenses, but this figure climbs to $13.8 billion if underwriters fully exercise their options. On a fully diluted basis, this successful pricing places Rivian's valuation at more than $77 billion, marking it as one of the largest public debuts of the year.
Major financial players drive this record-breaking demand, with Amazon, T. Rowe Price Associates, Coatue Management, and Blackstone indicating interest in purchasing up to $5 billion in shares. Amazon currently holds a more than 20% stake in the electric pickup truck manufacturer, further cementing the strong backing behind Rivian as it enters the public market.