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Rivian IPO: Investors scramble for shares

2021-11-10T19:02:52.383Z


It is going even better than expected: the electric car manufacturer Rivian has had a brilliant start on the stock market.


Enlarge image

Raised for the stock market launch: The Rivian R1T pick-up in front of the Nasdaq headquarters

Photo: BRENDAN MCDERMID / REUTERS

Investors fought for the shares of Tesla rival in the eagerly anticipated IPO of US electric car maker Rivian.

When trading started on the New York Tech Stock Exchange Nasdaq, the first price was $ 106.75, around 37 percent above the issue price of $ 78.

The company had raised around $ 11.9 billion the day before by issuing 153 million shares, making it its largest IPO this year.

The share price and issue volume had already been significantly increased beforehand.

With a market value of around 93 billion dollars or the equivalent of around 81 billion euros, Rivian is trading significantly higher than the German industry giant BMW, which last brought it to a good 59 billion euros.

Even the largest US automaker General Motors is surpassed by Rivian by around six billion dollars.

The US company, whose major investors include the online giant Amazon and Ford, is still deep in the red.

In the last round of financing before going public in January, Rivian was valued at just under $ 28 billion.

So far, no significant sales

According to its own information, the e-car company has around 9,500 employees, of which over 3,300 are employed at the main US plant in the state of Illinois.

Rivian has not yet made any noteworthy sales, but in September it launched its first electric model in the competitive pick-up segment and thus won a race with Tesla, among others.

The company also has an electric SUV in the pipeline, deliveries of which are scheduled to begin at the end of the year.

Rivian has also won a lucrative major order from Amazon for 100,000 electric delivery vans.

Rivian founder RJ Scaringe sees his company as a pioneer in the mission of establishing electromobility in the mass market and is thus relying on a marketing strategy similar to that of Tesla boss Elon Musk.

Extraordinary steps are necessary to preserve natural ecosystems and build a secure future for future generations, said Scaringe.

"In the next two decades we have to completely transform the transportation and energy systems of our planet." Even if Rivian was ahead of the Tesla with the first e-pickup, the Musk group is still far superior with a market value of more than a trillion dollars.

hba / dpa

Source: spiegel

All business articles on 2021-11-10

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