Initial public offerings or IPOs are known as a great way for investors to make a big profit in a relatively short time. On average, they can bring investors 40% returns in the first 3 months. Once the initial funding stages are out of the way, IPOs can be a great way for companies to sell their shares on the open market and raise more capital to continue their growth. If you’ve heard about the relatively new kid on the EV block you may have wondered, “is Rivian publicly traded?” Read on to find out about Rivian stock IPO and all the important information about Rivian IPO 2021.
Rivian is an American maker of electric vehicles and EV charging technology. The company was founded in 2009 and is based in Irvine, California. Their main manufacturing plant is in Normal, Illinois with additional facilities in California, Michigan, Arizona, Vancouver in Canada, and Woking in England. The company is planning to build an additional factory in the state of Georgia.
has three models of electric vehicles, one already on the market and two still in production. Rivian started deliveries of the R1T, a pickup truck, in late 2021. Out of the remaining two, one is a seven-passenger SUV, the R1S, and the other is an electric delivery van (EDV) being developed in partnership with Amazon.
Rivian’s models are characterized by unique, modern design, and are targeted at explorers and people who want to take family trips in style. They have great off-road capabilities and boast a longer range than most EVs, from 260 to 400+ miles for the R1T and 260 to 320+ for the R1S, depending on the options. Rivian is also building what they call the Rivian Adventure Network, a nationwide network of fast-charging stations exclusively for its vehicles, which will be available in the US and Canada by the end of 2023.
The DNA of Rivian’s vehicles is more about adventure rather than doing the daily commute, at least that’s the kind of vibe they try to give off in their ads. But of course their vehicles will feel at home and look great in any setting.
Rivian values sustainability and one of the company’s main aims is to preserve this planet for future generations. The company’s fast growth and expansion into different regions and services prompted the question, “when is Rivian going public?”
Read on to find out about Rivian IPO date and price and other key info.
Rivian Public Listing Key Data and IPO Date
Rivian IPO Date: November 10, 2021
IPO stock price: $78
Valuation at IPO: $66.5
Market cap (5/2/22): $27.29 billion
CEO: RJ Scaringe
Category: Electric Vehicle Stocks
Listing method: Direct
Rivian launched its IPO on Nasdaq on November 10, 2021 with the stock symbol RIVN.
They launched a traditional IPO instead of merging with a special purpose acquisition company (SPAC). The latter is a black-check company created solely for the purpose of merging with a company to help go public. This makes the IPO process cheaper and easier but has its downsides like giving up too much equity. There was a boom of SPAC IPOs in 2020-2021, but a lot of the resulting companies didn’t do very well.
Rivian sold over 150 million shares in the IPO, raising almost $14 billion and giving the company a value of $66.5 billion. Evidently, many investors saw great potential for them to compete with Tesla.
Rivian IPO price was set at $78 but opened at $106.75 on the day. The stock price grew 70% within the first week of trading and reached $179. This momentarily made it the biggest US IPO since Facebook. However, the success was not to be, at least for now. The stock has been falling ever since their IPO date and currently trades at $32 (5/3/22). On the other hand, if the company does succeed in the long run, this could mean additional value for those who believe in the company’s success.
CEO RJ Scaringe, who owns about 1.4% of the company, saw his net worth melt from $3.4 billion before the IPO to under $1 billion in Q1 2022. This happened because of the market turndown, general disbelief in growth stocks, and other issues like recent disappointment over the company raising the prices on its vehicles by 20%.
So What About Investing Now?
Rivian is a promising company that is attempting to carve out a niche in the electric SUV and pickup truck market. Their cool design, sturdy, adventurous build quality, and their plans to build an exclusive charging network should attract new people to the EV market.
Rivian IPO was clearly a disappointment to many. But despite Rivian’s issues with rising costs caused by supply chain issues, the company should feel more confident being backed by Amazon. The tech giant owns a 18% stake in Rivian and has placed an order for 100 thousand electric delivery vans.
So for those who believe in the company’s values and long-term success, the current trading price should feel like a bargain.
Check out our IPO section to look at other scheduled IPOs. If you want to find companies that match your interests, investment goals and portfolio, try Gainy for some great IPO investment ideas, as well as established blue-chip companies and a variety of other assets.
When is the Rivian IPO date?
The Rivian stock IPO date was November 10, 2021, when the Californian EV maker was listed on Nasdaq.
Is Rivian a public company?
Yes, when a company launches an IPO (or initial public offering) this means they become a public company whose shares are traded openly on one or more stock exchanges.