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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

By

Edward Ludlow and

November 9, 2021, 7:27 PM UTCUpdated onNovember 10, 2021, 3:49 AM UTC

From

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 Amazon.com 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.