Rivian raises $11.9 bn in Wall Street debut

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AFP

New York (AFP) – Rivian, an American automaker specializing in electric pickup trucks, sport utility vehicles and vans, announced Tuesday it had raised $11.9 billion in its Wall Street debut. Backed by Amazon and Detroit automaker Ford, Rivian set its IPO price at $78 per share, according to a press release, and will issue 153 million new shares on Wednesday, up from the 135 million initially planned, due to high demand from investors. This represents a valuation of $67.9 billion if stock options and other convertible shares are not taken into account. The amount is well above what the company…

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