That value is higher than that of legendary carmakers like Ford ($78 billion) or General Motors ($86 billion) even though it has just launched its first vehicles.
Rivian’s introductory stock price was set Tuesday night at $78, surpassing the range of $57 to $62 that had been considered about 10 days ago. Faced with strong demand, the company increased the number of shares issued Tuesday.
However, that was not enough to quench the market’s thirst. The share price increased more than 50% at the beginning of trading on Wall Street. At the close the paper ended at 100.73 dollars which means a capitalization of 99 billion dollars.
It is the highest stock market debut since the arrival of the Chinese giant Alibaba to Wall Street in 2014.
data-proxy- style=”widht:600px; height:400px;” title=”2.jpg” class=”media-object adaptive lazy” />
The company was founded in 2009 by Robert Sacaringe, a car enthusiast who wanted to finish his studies to concentrate on less polluting means.
Aged 38, he initially planned to develop a sports car but reoriented his objectives in 2012 when he considered that larger vehicles would have a greater impact on the environment.
Sacaringe was able to convince large companies to join him in his plans. Among those companies is Ford, which is expected to take a 13% stake in Rivian after the IPO.
The company also reached a partnership with Amazon, which ordered 100,000 vans by 2030 and is expected to own about 19% of the shares after the transaction.