Electric vehicle maker Rivian’s IPO may raise as much as $11.9bn – The National

Electric vehicle maker Rivian’s IPO may raise as much as $11.9bn – The National

Electric vehicle maker Rivian Automotive priced shares in its initial public offering at $78 apiece to raise about $11.9 billion, the biggest first-time share sale this year.

Backed by deep-pocketed companies such as Amazon and Ford Motor, Rivian is hitting the public markets as it looks to make a dent in the EV market led by Tesla.

Rivian sold 153 million shares in the offering, according to a statement confirming an earlier Bloomberg News report. The $11.9bn haul is the sixth-largest on a US exchange, data compiled by Bloomberg show.