Rivian Automotive Inc., an electric vehicle manufacturer backed by Amazon.com Inc. and Ford Motor Co., on Tuesday priced shares in its highly-anticipated initial public offering at $78—well above its earlier expectations—to raise $11.93 billion, regulatory filings showed.
What Happened
Rivian initially aimed to sell shares in a $57 to $62 a share price range, which it boosted to $72 to $74 a share on Friday.Rivian also boosted the option for underwriters to buy 20.7 million shares, which could translate into another $1.61 billion funding.
