Electric-vehicle maker Rivian Automotive Inc. priced its initial public offering at $78 a share Tuesday night, well above its expected range and valuing the company at $77 billion on a fully diluted basis. The company plans to sell 153 million shares in its offering, raising $11.9 billion — a figure Bloomberg News reported makes it the largest IPO of the year and sixth-largest ever on a U.S. exchange.
Last week, the Irvine, Calif.,-based company boosted its estimated price range to between $72 and $74 each, up from an original range of $57 to $62 a share. Rivian is expected to begin trading Wednesday on the Nasdaq under the ticker symbol “RIVN”
and Ford Motor Co.
are among Rivian’s backers. The EV maker has raised $10.5 billion since 2019 after several investment rounds, with the latest a $2.5 billion funding round in July. Besides an electric pickup and an electric SUV, Rivian also plans to make electric delivery vans for Amazon and have its own charging network. Morgan Stanley, Goldman Sachs Group Inc. and JPMorgan Chase & Co. are lead underwriters for the offering. Claudia Assis contributed to this report.