Automaker Rivian's IPO Is Electric
Its valuation is a testament to enthusiasm for electric vehicles, but is Rivian worth the hype?
Electric vehicle manufacturer Rivian Automotive made its first sales in the latter half of 2021, but enthusiasm for EVs fueled the largest initial public offering of 2021. As investors approach Rivian’s IPO, they may be betting on finding the next Tesla (TSLA), which stands above the auto industry with a market cap of over $1 trillion.
Rivian started trading on Nov. 10 under ticker (RIVN), after offering 135 million shares at $78 per share in an IPO that beat expectations and raised nearly $12 billion. The IPO valued the company at around $76 billion. For context, Ford (F), one of Rivian’s largest investors and electric truck rivals, has a market cap of about $80 billion.
Margaret Giles does not own (actual or beneficial) shares in any of the securities mentioned above. Find out about Morningstar’s editorial policies.