Nov 10 (Businesshala) – Amazon-backed electric vehicle maker Rivian Automotive Inc. (RIVN.O) is gearing up for a much-anticipated Nasdaq debut on Wednesday, after raising nearly $12 billion in an upsized offer that made it the largest U.S. initial made one of the public. Holy offerings.
Over the past year, companies have emerged as some of the hottest investments in the EV space, and Wall Street’s biggest institutional investor is betting on Rivian to become the next big player in a field dominated by Tesla (TSLA.O).
The EV market is witnessing a surge in demand globally, as consumers become more environmentally conscious and bet on eco-friendly vehicles.
Rivian generated the largest number of new viewers over the past 24 hours on the social media site StockTwits, which is commonly seen as a measure of retail investor interest.
Founded in 2009, Rivian is investing heavily in ramping up production, doubling down on its upscale all-electric R1T pickup truck, which was launched in September.
According to a recent regulatory filing, the Ford Motor Company (FN)-backed EV maker had approximately 55,400 R1T and R1S pre-orders in the United States and Canada as of October 31.
Rivian raised the price of an IPO of 153 million shares at $78 per share, the company said. Last week, it raised its price range from $57 to $62 per share from $72 to $74.
According to the filing, Amazon, T. Roe Price, Franklin Templeton, Capital Research and Blackstone are among a group of “cornerstone investors” indicated to buy shares worth up to $5 billion.
Rivian will list its shares on the Nasdaq under the symbol “RIVN”.
Morgan Stanley, Goldman Sachs and JP Morgan are the principal underwriters.