Rivian Automotive Inc. rose 29% in its trading debut before giving up some of that gain, putting the electric truck maker’s market value on par with General Motors Co.’s and topping those of Ford Motor Co. and EV rival Lucid Group Inc.Shares of Rivian opened trading Wednesday at $106.75 each after selling for $78 in its initial public offering, which exceeded the Irvine, California-based company’s goals to raise almost $12 billion.Rivian, whose market value briefly touched $104 billion, closed at $100.73 in New York trading, valuing it at about $88 billion. On a fully diluted basis, including options and restricted stock units, Rivian is valued at about $98 billion.
Load More
Load More