Rivian’s stock surged nearly 30% on its first day of trading.
Electric vehicle maker Rivian, which some investors hope could be the next Tesla, went public at a valuation of $90 billion on Wednesday, with shares surging 29% as they commenced trading in America’s biggest initial public offering since Facebook in 2012.Rivian’s stock, trading on the Nasdaq under the ticker RIVN, opened at around $106 per share, a 36% surge from its initial IPO price of $78 per share.
While the company’s pricing gave it an initial valuation of $66.5 billion, the stock’s surge means that the electric vehicle company is now worth more than $90 billion. The electric vehicle maker is backed by Amazon, which has a 20% stake, and Ford, which owns 12% of the company.
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