Hyperdrive
EV Maker Rivian Raises $11.9 Billion in Year’s Biggest IPO
- Tesla rival prices shares at $78 each in upsized offering
- Listing is the sixth-largest of all time, Bloomberg data shows
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Electric vehicle-maker Rivian Automotive Inc. priced shares in its initial public offering at $78 apiece to raise about $11.9 billion, the biggest first-time share sale this year.
Backed by deep pocketed companies such as Amazon.com Inc. and Ford Motor Co., Rivian is hitting the public markets as it looks to make a dent in the electric vehicle market led by Tesla Inc.