Rivian Automotive is Now One of the Largest IPOs Ever

Nov 11, 2021 By MarketDepth

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2021 rivian r1t

Rivian Automotive, Inc. (NASDAQ: RIVN) is now one of the largest initial public offerings in history. The shares of the new innovative electric car company have started trading Yesterday (November 10th) at around $78 per share, which made the overall valuation worth nearly $80 billion. As of Thursday morning, RIVN was trading at $120, with an impressive market cap of $116 billion. 

6th Largest IPO

According to a report by Bloomberg, Rivian is now the sixth largest IPO ever on the stock market. A lot of the company’s early success is the result of good timing. Tesla has managed to generate a lot of interest in recent years, and has achieved major accomplishments in manufacturing and deliveries. As a result of Tesla’s success, other companies can try and duplicate the model and compete in a new growing industry. 

Only Started Delivering Trucks

Rivian only just recently started to make and ship its first electric pickup trucks. 

Back Orders to be Filled by End of 2023

Rivian indicated in its prospectus that it has a backlog of 55,400 pre-orders for the two available models, R1T and R1S. Rivian also indicated that it expects to fill the orders by end of 2023. 

Amazon and Ford Receive Large Returns

According to data provided by CNBC, Amazon, which invested more than $1.3 billion into Rivian, owned 22.4% of the company’s Class A shares prior to the IPO. That stake is worth about $12.5 billion at the offer price. Ford owned 14.4% of Class A stock before the offering, a stake now valued at $8 billion.