Rivian’s IPO Mints $11.5 Billion Fortune for Saudi Investor
- Jeddah-based group owns almost 114 million Rivian shares
- Rivian shares rose as much as 53% after selling for $78 in IPO
Photographer: Spencer Platt/Getty Images
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A Saudi family that built its business on gasoline-fueled cars is sitting on an almost $11.5 billion fortune after electric truck maker Rivian Automative Inc. surged on its trading debut in 2021’s biggest initial public offering.
Abdul Latif Jameel, a Jeddah-based group named after its founder and today run by his sons, holds almost 114 million shares in Rivian after investing $303 million into the U.S. company, according to the sale prospectus.