On Wednesday, shares’ prices of Rivian Automobile Inc., the Amazon.com Inc- and Ford Motor Co-backed e-vehicle start-up headquartered on Wilmington, Delaware, snowballed as much as 53 per cent in a stellar Nasdaq debut, proffering the electric truck manufacturer a market valuation of over $100 billion that followed the largest initial public offerings (IPO) in 2021 thus far.
Nonetheless, after paring some gains in late-afternoon US trading hours, Rivian shares had rounded off the session just a notch shy of 30 per cent higher to $100.73 apiece after hitting an intra-session peak of $112.49 in mid-day US trading.
However, at one point of the day, Rivian became the world’s second-largest automaker behind Tesla Inc having had a market valuation of $1.01 trillion as of Tuesday’s closing prices, while Rivian had ranked ahead of GM, Ford and Lucid motors having market caps of $85 billion, $77 billion and $65 billion respectively.
Rivian leaps 30 per cent on stellar Nasdaq debut
Aside from that, the Wilmington-based EV start-up that had yet to set up a stable production line, but obtained a handful of orders including 100,000 Amazon delivery vans, had priced its IPO at $78 apiece, stemming an influx of as many as a whopping $12 billion in fresh capitals that marked off the year’s biggest initial offerings thus far.
Meanwhile, as Rivian has been widely contemplated as a future competitor to EV industry trailblazer Tesla Inc., expressing a strong investors’ appetite on electric vehicles, a senior mobility analyst at PitchBook Asad Hussain said, “Rivian's IPO showcases strong investor excitement about electrification and mobility technology”.