New York
Rivian, an American automaker specializing in electric pickup trucks, sport utility vehicles and vans, announced it had raised $11.9 billion in its Wall Street debut.
Backed by Amazon and Detroit automaker Ford, Rivian set its IPO price at $78 per share, according to a press release, and will issue 153 million new shares on Wednesday, up from the 135 million initially planned, due to high demand from investors.
This represents a valuation of $67.9 billion if stock options and other convertible shares are not taken into account.
The amount is well above what the company expected in early November when it proposed a range of between $57 and $62 per share. Though the start-up has just taken its first vehicles off the assembly line.—AFP
