Rivian’s capitalization at $ 86 billion – Nasdaq debut 29%

LAST UPDATE: 23:50

The Rivian Automotive electric vehicle industry – backed by Amazon and Ford – made its debut on the Nasdaq dashboard, ending its first session with a 29% “jump” and securing a valuation of 86 billion. dollars after the largest initial public offering for the current year.

Based on this valuation, Rivian is worth almost as much as General Motors ($ 86 billion capitalization), and more than Ford Motor ($ 77 billion). Nevertheless, its capitalization is only a small fraction of the business value of electric vehicle pioneer Tesla, valued at more than $ 1 trillion. dollars.

It is noted that in the context of the initial public offering of the company on Tuesday night, the shares of Rivian were given with a selling price of $ 78 each, but in today’s meeting the title opened with a premium of more than 50% at $ 106.75.

Since last year, companies in the electric vehicle industry have emerged as some of the strongest investments. Including shares offered, options and shares that cannot be sold, the valuation amounts to $ 106 billion.

Wall Street’s top institutional investors are betting that Rivian will be the next big player in a Tesla-dominated industry amid growing pressure from automakers in China and Europe to eliminate emissions.

Rivian has invested heavily in increasing production. The company plans to build at least one million vehicles a year by the end of the decade, the company ‘s chief executive said on Tuesday.

Rivian, also backed by Ford, offered 153 million shares at $ 78 a share, raising nearly $ 12 billion in one of the largest IPOs in the United States.