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Bezos-backed Rivian revs up for $65bn valuation in IPO
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The Jeff Bezos-backed electric carmaker Rivian is aiming for a market value of $65bn (£48bn) when shares start trading in New York on Wednesday, in one of the biggest-ever stock market floats.
Rivian announced late on Tuesday that its shares would start trading at $78 each, significantly above the $52 a share lower end of the range it had first targeted. It sold 153m shares, more than the 135m it aimed for initially.
The increased offer price means Rivian will raise $11.9bn, putting it among the top 10 initial public offerings of all time in the US, according to data from Dealogic.
More than 20 investment banks are involved in running the sale, led by Morgan Stanley, Goldman Sachs and JP Morgan.
The raised price reflects the huge demand for
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