NORMAL, Ill. (WMBD) — Rivian announced the pricing of its initial public offering of 153 million shares of stock at a public offering price that started at $78 per share, but has since risen to $120 per share.
In addition, Rivian has granted the underwriters a 30-day option to purchase up to 22,950,000 additional shares of Class A common stock at the initial public offering price, less underwriting discounts, and commissions.
“This is really the beginning of our continued journey and I couldn’t be more fortuante to have it with you,” said Rivian CEO RJ Scaringe.
Rivian’s Class A common stock is expected to begin trading on the Nasdaq Global Select Market Wednesday, Nov. 10, under the ticker symbol “RIVN.” The offering is expected to close on Nov. 15, subject to the satisfaction of customary closing conditions.
“What we’ll probably see is a run-up here to begin with the share price, we’ll see once earnings come out, that’s really when we’ll determine what the consistent share price maybe going forward,” said Tony Gingerich, financial advisor for Thrivent, Heart of Illinois Associates.
Gross proceeds from the offering to Rivian, before deducting underwriting discounts and commissions and other offering expenses payable by Rivian, are expected to be approximately $11.9 billion, excluding any exercise of the underwriters’ option to purchase additional shares.