IPO – Rivian, rival of Tesla, questioned – Economy

The world’s biggest IPO of the year garnered a lot of interest from Rivian. Shares of the electric car maker, backed by Amazon and Ford, hit $ 119.46 when they debuted, 53% above the issue price of $ 78. The company had allocated the papers in a range of $ 72 to $ 74 and increased the number of shares sold to 153 from 135 million. This brings the issue volume to twelve billion euros, and Rivian’s market value is over $ 100 billion. This catapults the company, which so far has had virtually no sales, to the second most valuable US automaker and leaves traditional companies like Ford and General Motors behind. Only Tesla is rated better. Online retailer Amazon, which owns around 20% of Rivian, has already ordered 100,000 delivery vehicles.

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