The electric vehicle maker Rivian has priced its initial public offering at $78 a share, significantly above expectations, setting the stage for one of the largest US stock market debuts of the past decade.
The pricing, confirmed by two sources with direct knowledge of the company’s plans, would raise more than $10.5bn for Rivian at a market value of $66.5bn, or $77bn on a fully-diluted basis.
The Amazon-backed company is due to make its first trade on the Nasdaq exchange on Wednesday morning.
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