December 6, 2021

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Rivian, electric pickup maker record initial public offering: +38% at debut, anti-Tesla car already worth more than Ford and GM

Rivian Cars, a maker of electric trucks, SUVs, and vans owned 20% by Amazon (which ordered 100,000 of those trucks two years ago) and 13% to turbo-charged Ford, Wall Street on the first day of trading. Title: +38% over IPO price of $106, capitalization of $93 billion, more than GM and Ford. And much more than other big names like BMW, Stellantis or Ferrari. But also ahead of the three Chinese startups Nio, Xpeng and Li Auto.

On subsequent exchanges, after also touching 104 billion and 119 dollars, the stock rebounded, swinging between +26% and +33%.

Rivian valued the stock, in its initial public offering, at $78 a share, for an increase of nearly $11.9 billion, the sixth largest ever in the U.S. market. The new student’s capitalization compares to $27.6 billion in January, after a $2.65 billion funding round. Exploitation While Wall Street saw all major indexes turn red, due to inflation It rose to 6.2% year over year.

Behind the California manufacturer, as a market value too Lucid, the American house controlled by the Saudi sovereign wealth fund (Public Investment Fund that invested 1.6 billion dollars). Lucid will be produced from 2024 directly in the Kingdom. However, Rivian also has a Saudi investor, Abdul Latif Jameel, a Toyota distribution group, which is based in Jeddah and named after its founder. Today he is run by his sons: he owns approximately 114 million shares in Rivian acquired through $303 million in court orders dated 2018.

From Rivian, the world’s first electric pickup

Up to $5 billion in IPO shares went to investors including Amazon, T. Rowe Price, Coatue Management, Franklin Templeton, Capital Research Global Investors, D1 Capital, Third Point Investors and Blackstone Inc. and Dragoneer Investment Group and Soros Funds. The show was led by Morgan Stanley, Goldman Sachs and JPMorgan Chase, with more than 20 banks listed on the front cover of the prospectus.

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