Rajiv Patel, an environmental consultant in Austin, Texas, put down a $1,000 deposit on a Rivian electric SUV earlier this year. He has no idea when he’ll get his vehicle, called the R1S, but his down payment is paying off in a very different way.
As a pre-order customer, Patel was able to buy into Rivian’s IPO on Tuesday night as part of the company’s directed share program. He purchased the maximum 175 shares for $13,650 at the $78 IPO price. After the stock popped 29% on Wednesday, Patel’s stake is now worth $17,628.