Electric car start-up Rivian has gone public on the Nasdaq, trading under ticker symbol RIVN in what is considered the biggest IPO of 2021 so far.
Shares surged as much as 53% in its debut, giving it a market valuation of more than $100 billion.
Rivian shares are currently trading at $101.11 per share.
Here is how you can buy shares
The stock can be found under the ticker symbol RIVN.
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Amazon (AMZN) and Ford (F)-backed Rivian Automotive was founded in 2009 by CEO Robert ‘RJ’ Scaringe, originally with the name Mainstream Motors, which was eventually changed to Avera Automotive, until finally the company became Rivian Automotive. Predominantly known for its electric trucks, Rivian’s first model was intended to be a sports car, the R1, a mid-engine hybrid coupe. In 2015, it received a large investment, which helped it grow significantly and open research facilities in Michigan and the Bay Area as it strove to focus exclusively on electric autonomous vehicles and to build an entire ecosystem of related products.
Its R1T EV truck is currently the first electric pickup in the market and with deliveries having finally started in September, Rivian is the first automaker to bring a battery-electric pickup to market in the U.S. The company is also on track to make the most of its first-mover advantage when it starts deliveries of its R1S sport utility vehicle later this year, a move which will give it a lead in the market for full-size battery-electric SUVs.
Amazon, which invested more than $1.3 billion into Rivian, owned 22.4% of the company’s Class A shares prior to the IPO, a stake that is worth about $12.5 billion at the offer price. On the other hand, Ford owned 14.4% of Class A stock before the offering, a stake now valued at $8 billion.
Rivian is prioritising production of electric vans for Amazon, which has ordered around 100,000. Meanwhile, the company expects to deliver 20,000 vehicles in 2021, while it anticipates this number to double in 2022.
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