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    Rivian aims to make a huge $ 66.5 billion market debut

    NS Electric car Maker Rivian has set the stage for its largest US stock market debut in the last decade, significantly higher than expected at an initial public offering price of $ 78 per share.

    Pricing confirmed by two sources who know the company’s plans directly raises over $ 10.5 billion. Rivian It has a market value of $ 66.5 billion and is $ 77 billion on a fully diluted basis.

    The Amazon-backed company will make its first transaction on the Nasdaq exchange on Wednesday morning.

    Offer prices are well above the initial $ 52- $ 62 range per share. Earlier this month, And exceeds the $ 72- $ 74 revision target announced on Monday.

    The raised target reflects very high expectations for Rivian, who has yet to record revenue and suffered a loss of nearly $ 1 billion in the first half of this year.

    Rivian has over 50,000 pre-orders for R1T pickup trucks and R1S sports utility vehicles, as well as orders from Amazon for 100,000 trucks delivered by 2025. The e-commerce group participated in Rivian’s multi-billion dollar funding round. , And owns 22% of the company.

    Bullish investors are seeing an opportunity to buy in October to a company that feels it could emulate Tesla’s success. Market capitalization of $ 1 trillion..

    “The dreams they sell are amazing,” said one who worked on the Rivian IPO.

    “If you think about Rivian’s predecessor in Tesla, what was achieved with the stock, and how it confused the industry and sustained the turmoil, the dreams around Rivian are also quite realistic. It’s fascinating. “

    Rivian aims to make a huge $ 66.5 billion market debut

    Source link Rivian aims to make a huge $ 66.5 billion market debut

    The post Rivian aims to make a huge $ 66.5 billion market debut appeared first on Eminetra.

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