Electric vehicle maker Rivian wrapped its initial public offering at US$78 per share, well above the raised US$72 and US$74 price range. The offering values Rivian at US$66.5 billion.
Shares shot up to US$106.75 when trading opened and were holding just about US$100 near the close.
Rivian Automotive filed a draft registration with the US Securities and Exchange Commission under the ticker symbol RIVN. Not yet an official IPO, it’s one of the first steps of taking a private company public.
The stock is expected to cost between US$57.00 and US$62.00. It’s expected to launch Nov. 10. The shares will be available on the Nasdaq Global Select Market.
To buy shares listed in the US, you’ll need a brokerage account with access to the US stock market. Check out the steps below:
It’s impossible to predict how any stock will perform — and IPOs can be particularly volatile. But evaluating the performance of companies like Trump Media and Technology Group can be useful in determining how the market is performing and whether now is a good time to invest in this industry.
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