Autos

Shares pop following blockbuster debut

0


Rivian Automotive shares ended the day up 29% in their debut Wednesday, giving the Amazon and Ford-backed electric vehicle start-up a market valuation of $86 billion after one of the biggest IPOs this year.

Shares of Rivian originally priced at $78 a piece Tuesday night, but popped more than 50% Wednesday when it opened at $106.75 per share, before paring some of those gains later in the afternoon.

At its opening price, Rivian had an implied valuation of $91 billion. That puts Rivian past the market cap of Ford ($77 billion) and on par with General Motors ($86 billion). It’s still worth a fraction of electric vehicle pioneer Tesla, which has a market cap of more than $1 trillion.

Rivian,…



Source cnbc.com

0 0 votes
Article Rating

Airlines are gearing up for a busier — and costlier — holiday season as fuel prices rise

Previous article

Don’t get divorced from financial reality when ending your marriage

Next article

You may also like

Subscribe
Notify of
guest
0 Comments
Inline Feedbacks
View all comments

More in Autos