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Automaker Rivian tops $100 billion in stock market debut - Markets

Automaker Rivian tops $100 billion in stock market debut – Markets

Automaker Rivian debuted Wednesday on the stock exchange. On Wall Street, the capital of the American company exceeded $ 100 billion (about 87.2 billion euros) during the session, tracking the value of General Motors overtakes Ford.

Rivian trading started to rise by 36% to $106.75 per share, after setting a listing price of $78 on Tuesday. The value even rose to a maximum of $119.46 during the session, with bonds up more than 50%.

This rise brought the market value of the American manufacturer, for a moment, to 104 billion dollars, according to information provided by Bloomberg.

Gains ended lower throughout the session, ending up nearly 29% higher to $100.73, with a capitalization of nearly $88 billion. According to the news agency, this was the largest stock exchange globally this year and the sixth largest in the United States ever.

Rivian, which makes pickups, SUVs and electric cars, is entering the stock market at a time when it wants to try to make its mark in the electric vehicle market led by Tesla, with a market capitalization of more than $1 billion.

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