Rivian valued at $ 93 billion after largest global initial public offering of the year

(Reuters) – Rivian Automotive shares rose 37% on Wednesday for its Wall Street debut, valuing the electric vehicle maker at nearly $ 93 billion and immediately propelled it to number two in the U.S. auto industry by capitalization. market.

This valuation places Rivian, which counts Amazon among its investors, ahead of historical manufacturers such as General Motors (86 billion) and Ford Motor (80 billion).

The stock opened at $ 106.75, well above the $ 78 price set for the offering.

Since last year, power companies have been in high demand in the equity markets and institutional investors on Wall Street are betting that Rivian will play a major role in a Tesla-dominated sector, amid increased global pressure to do so. automakers cut carbon emissions from their vehicles. .

Rivian’s IPO came in parallel with COP26, where many companies in the transportation sector and governments unveiled a set of commitments to reduce greenhouse gas emissions.

Rivian is making massive investments to strengthen its production capacity, having launched production of an all-electric pickup in September.

The company, founded in 2009 as Mainstream Motors and based in Irvine, California, plans to produce at least one million vehicles per year by 2030.

(Report Noor Zainab Hussain in Bangalore and Ben Klayman in Detroit, with Niket Nishant; French version Jean Terzian)

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