# EV maker Rivian prices IPO above range to raise over $11.9 billion
Author:  Pal Sinha, Barnali 
Author URL: https://financedigest.com/author/pal-sinha-barnali
Published: 2021-11-10
Category: BUSINESS
Category URL: https://financedigest.com/category/business
Meta Title: Rivian Raises Record-Breaking $11.93 Billion in Top 10 IPO
Meta Description: Rivian's successful IPO priced at $78 per share, exceeds target to raise over $11.93 billion, among the top 10 IPOs in the US. Will list on Nasdaq as
URL: https://financedigest.com/ev-maker-rivian-prices-ipo-above-range-to-raise-over-11-9-billionhtml

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By Echo Wang and Anirban Sen

NEW YORK (Reuters) -Amazon-backed electric vehicle (EV) maker Rivian sold shares in its initial public offering (IPO) at $78 per share, above its target range, to raise more than $11.93 billion, the company said on Tuesday.

The flotation ranks among the top 10 IPOs of all time in the United States, according to data from Dealogic.

Rivian [priced an upsized IPO of 153 million shares](https://www.financedigest.com/twitter-shares-cruise-towards-musks-offer-price-as-deal-deadline-looms.html "Twitter shares cruise towards Musk’s offer price as deal deadline looms") at $78 per share, the company said https://refini.tv/3EW1vHe. On Friday, Rivian had [boosted its price range to $72 to $74 per share](https://www.financedigest.com/netflix-cuts-prices-in-some-countries-to-boost-subscriptions-shares-drop.html "Netflix cuts prices in some countries to boost subscriptions, shares drop"), up from an earlier range of $57 to $62.

The mammoth IPO follows a highly successful investor roadshow last week, with Wall Street’s [biggest institutional investors](https://www.financedigest.com/top-ten-biggest-mistakes-by-novice-investors-and-how-to-avoid-them.html "TOP TEN BIGGEST MISTAKES BY NOVICE INVESTORS – AND HOW TO AVOID THEM") betting on Rivian to be the next big player in a sector dominated by Tesla.

The EV [market is witnessing](https://www.financedigest.com/the-cellulose-gel-market-to-witness-calculated-innovation.html "The Cellulose Gel Market To Witness Calculated Innovation") a surge in demand globally, as consumers are growing more environmentally conscious and betting on eco-friendly vehicles. [Tesla produced a record](https://www.financedigest.com/tesla-posts-record-quarterly-deliveries-after-price-cuts-up-4-from-q4.html "Tesla posts record quarterly deliveries after price cuts, up 4% from Q4") number of cars in its latest quarter and is building factories all over the world.

Founded in 2009, Rivian has been [investing heavily](https://www.financedigest.com/more-companies-investing-heavily-in-business-services-software.html "More Companies Investing Heavily In Business Services Software") to ramp up production. It is doubling down on [production of its upscale](https://www.financedigest.com/innovation-at-periodic-intervals-to-upscale-the-effervescent-products-market.html "Innovation at periodic intervals to upscale the Effervescent Products Market") all-electric R1T pickup truck, which was launched in September.

The EV maker had about 55,400 R1T and R1S pre-orders in the United States and Canada as of Oct. 31, according to a recent regulatory filing.

Rivian said it had started [deliveries of the R1T and had recorded](https://www.financedigest.com/teslas-logistical-challenges-overshadow-record-deliveries.html "Tesla’s logistical challenges overshadow record deliveries") revenue for the three months ended Sept. 30. The net loss for that period, however, is estimated to increase [due to higher production](https://www.financedigest.com/apple-likely-to-cut-iphone-13-production-due-to-chip-crunch-bloomberg-news.html "Apple likely to cut iPhone 13 production due to chip crunch -Bloomberg News") costs.

Amazon, which recently disclosed it holds an approximately 20% stake in Rivian, has ordered 100,000 of Rivian’s [electric delivery vans](https://www.financedigest.com/lack-of-electric-vans-opens-door-for-chinese-other-ev-makers.html "Lack of electric vans opens door for Chinese, other EV makers") as part of the e-commerce company’s broader effort to cut its carbon footprint.

Rivian will list its [shares on the Nasdaq](https://www.financedigest.com/asian-shares-rise-after-consumer-confidence-boosts-nasdaq-to-record-high.html "Asian shares rise after consumer confidence boosts Nasdaq to record high") under the symbol “RIVN” on Wednesday.

Morgan Stanley, [Goldman Sachs](https://www.financedigest.com/telefonica-hires-goldman-sachs-to-sell-uk-mobile-masts-stake-el-confidencial-says.html "Telefonica hires Goldman Sachs to sell UK mobile masts stake, El Confidencial says") and J.P. Morgan are the [lead underwriters for the offering](https://www.financedigest.com/leading-financial-advisory-group-bolster-offering-with-senior-appointment.html "Leading financial advisory group bolster offering with senior appointment").

(Reporting by Echo Wang in New York and Anirban Sen in Bengaluru; additional reporting by Nishit Jogi; Editing by Chris Reese and Sherry Jacob-Phillips)


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