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Amazon-backed electric truck startup Rivian priced its initial public offering at $78 per share, higher than expected. wall street journal And Reuters reported, raising more than $10 billion for the company, which is bleeding red ink as it ramps up and only fair Started delivery to customers in September.

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The IPO – which will begin publicly traded on Wednesday – is valued at more than $77 billion, according to Reuters and magazine, both of which cited unnamed sources.

Reuters said Rivian raised more than $10 billion, but magazine Said it was about $12 billion.

Price of $78 exceeded company expectations: Rivian estimated a price of $72 to $74 per share in one month Securities and Exchange Commission Filing Friday, cited a jump in the $57 to $62 range beginning of last week,

The company filed for an IPO with the SEC last month, and will start business wednesday On the Nasdaq exchange under the ticker symbol RIVN.

Businesshala Rivian has reached out for comment.

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