The maker of electric pick-ups and SUVs Rivian has raised 10.5 billion dollars (more than 9 billion euros) in its IPO. The introduction price is set at 78 dollars (67 euros) per share, reports an insider. The US company is valued at 66 billion dollars (57 billion euros), excluding stock options and other convertible shares.
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That amount is much higher than Rivian expected. At the beginning of this month, the company said it wanted to offer 135 million shares on the Nasdaq for 57 to 62 dollars each. That valued the company at the high end of the price range at $60 billion (almost EUR 52 billion).
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A capital round in January valued Rivian at 27.6 billion dollars (23.8 billion euros). In total, the manufacturer has already raised 10.5 billion dollars from investors, including Amazon and Ford.
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Amazon is not only a shareholder of Rivian, but also its largest customer. In 2019, the group ordered 100,000 electric buses from the manufacturer.
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Rivian is seen as one of the biggest competitors of Tesla, the electric car maker of entrepreneur Elon Musk. Rivian was too quick for Tesla to become the first company to launch an electric pickup truck. The company, with a factory in the US state of Illinois, has already placed tens of thousands of orders for its R1T pickup and R1S SUV.
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