Rivian Automotive Stock News and Forecast: What price will RIVN start trading at?
- Rivian stock is scheduled to IPO on Wednesday.
- RIVN's Initial Public Offering set to be at $72-74.
- The soon to go public electric vehicle company is backed by Amazon and Ford.
Update: The IPO price should be known at some stage on Tuesday, last info was still looking at $73 mid-price of the range. RIVN will start trading on the Nasdaq exchange on Wednesday.
Rivian is set to start trading on Wednesday in one of the most anticipated IPOs of the year. It looks like perfect timing as well with electric vehicle (EV) stocks being hot right now. This is mostly a combination of President Biden's stimulus plan that backs green energy and increased attention on the green economy with COP26 climate summit ongoing in Glasgow, Scotland. Rivian will begin trading under the ticker RIVN.
Rivian (RIVN) stock news
The latest price range has been pushed higher as demand looks to be increasing. Rivian held an IPO roadshow last week where it met with potential investors. The latest price range is now putting RIVN down to IPO at $72 to $74. This will give Rivian a $65 billion valuation. A $65 billion valuation would put Rivian in the same valuation level as more established automakers like Honda, according to Reuters. That new price range is an increase from the range released on November 1 of $57 to $62.
Ford holds about a 5% stake in Rivian, while Amazon has a stake of about 20% in the EV maker. The company was founded in 2009 and changed its name to Rivian in 2011. Ford has a market cap of $77 billion, so Rivian may be close to the valuation of one of its backers already.
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Author
Ivan Brian
FXStreet
Ivan Brian started his career with AIB Bank in corporate finance and then worked for seven years at Baxter. He started as a macro analyst before becoming Head of Research and then CFO.
