Not since Facebook IPO has wallstreet seen such a big IPO. With today November 10th, 2021 being Rivian's or RIVN IPO which kicked off at $78 per share and has since surged to $106 per share, a 36% surge on their initial day has wall street seen such a crazy IPO.
Rivian at the current trading price has pushed past $90 billion in book value. Course this did not stop the crazy stock pop that is normal as within minutes RIVN stock rose to $116 per share or more than a 50% jump from their starting IPO price before gain pairing happened and now is moving back and forth around the $106 per share range. This has RIVN start at a company valuation of $66.5 billion and is currently worth just a bit over $90 billion now.
The initial upsized IPO was 153,000,000 shares of Rivian Class A common stock. Since then on Tuesday November 9th 2021, Rivian gave a 30 day option of an additional 22,950,000 Class A Common stock shares to sell is demand warrants by the underwriters. As it would seem, one would expect these shares to sell as well.
The gross proceeds from this offering after discounts, commissions and expenses is to deposit into Rivian's bank account at least $11.9 Billion
Rivian has stated that they have firm orders for 55,400 of their R1T and R1S auto's. They have a commitment for 100,000 Amazon Prime delivery vans of which Rivian says they will have 10,000 on the road by 2022 with the full 100,000 built and delivered by 2030 pending any additional conversions of options for more vans from Amazon to Rivian.
Amazon (AMZN) with their $1 billion investment or 20% stake and Ford (F) with their $500 million investment or 12% stake are both backing Rivian and Ford has plans to have Rivian build select EV's for them though nothing has been committed to yet.
Rivian as per their own CEO RJ and based on patent documents is planning a complete EV family of products for both retail and commercial application.
It would seem that Tesla is no longer the crazy wild EV auto company stock ride, we now have Rivian.
Bigger question is how will Rivian do once Ford and GM launch their electric trucks in 2022?