Electric automaker Rivian (RIVN) went public for the first time on Wednesday morning, and its IPO results were outstanding.
The company started trading on the Nasdaq stock exchange at $78.00 a share. This price was previously announced the day before, in a Rivian newsroom post titled “Rivian announces pricing of upsized initial public offering.”
Now, that price of $78 was actually a bit higher than expected.
Rivian was originally expected to debut at a price between $57 and $62 per share. That range subsequently increased to between $72 and $74 before the final $78 price was announced.
Now that the day has come to an end, we can take a look back at some of the milestones that occurred.
Rivian (RIVN) races to the forefront
Rivian (RIVN) shares opened at a price of $106.75.
These share prices rose up as much as 53% over the initial offering, reaching as high as $119. At that point, Rivian’s market valuation had surpassed $100 billion, making it the second most valuable automaker on the planet after Tesla.
Rivian’s shares closed at $100.73, which is up 29% on its initial public offering price of $78. This gives Rivian a market valuation of $86 billion, which still surpasses Ford’s market cap outright.
The EV automaker was able to raise an estimated $11.9 billion by selling their stocks at $78 a share.
According to CNN Business, this was “the biggest haul for a US firm since Facebook brought in $16 billion in 2012.”
Bloomberg data measured Rivian’s $11.9 billion IPO haul as the sixth-largest of all time on a US stock exchange.
Day one on the stock exchange went better than planned for Rivian. The electric automaker has already brought its electric pickup truck, the R1T, to market.
Next up, in December, they will begin the official rollout of their electric SUV, the R1S.
Needless to say, Rivian’s future looks very, very bright.