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EV Maker Rivian Raises $11.9 Billion in Year’s Biggest IPO

  • Tesla rival prices shares at $78 each in upsized offering
  • Listing is the sixth-largest of all time, Bloomberg data shows
Bloomberg business news
WATCH: Rivian raised about $11.9 billion in the year’s largest IPO. Craig Trudell reports.Source: Bloomberg
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Electric vehicle-maker Rivian Automotive Inc. 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 Inc. and Ford Motor Co., Rivian is hitting the public markets as it looks to make a dent in the electric vehicle market led by Tesla Inc.