Electric automaker Rivian has priced its initial public offering at $78 a share, pushing it far above its targeted share price as investors dove in the year's most highly anticipated IPO.
Updated: the story haas been updated to reflect the regulatory filing figures.
The company offered 153 million shares of common stock at the $78 per share price, according to regulatory filing was posted late Tuesday evening. Rivian also gave underwriters an option to buy another 22.95 million shares, a higher number than previously expected.
The gross proceeds from the offering is expected to be about $11.9 billion, before accounting for commissions, discounts and other expenses. That amount also excludes the underwriters option to buy additional shares. If underwriters exercise those options, Rivian stands to raise a total of $13.8 billion.
On a fully dilated basis, that places Rivian's valuation at more than $77 billion.
The company, which is backed by Amazon, said in a filing earlier this month that it planned to offer 135 million shares at a price between $57 and $62. Underwriters also had an option to buy up to 20.25 million additional shares. It then upped the range to between $72 and $74 due to investor interest in company.
Rivian filed October 1 to become a publicly traded company in the United States. The S-1 document did not disclose the targeted share price at the time. An amended document filed Monday provided the new information, which included interest from repeat backer Amazon and newcomer Blackstone in Rivian.
Amazon, funds and accounts advised by T. Rowe Price Associates, Coatue Management, Franklin Templeton, Capital Research Global Investors, D1 Capital Partners LP, Third Point LLC, funds affiliated with Blackstone Alternative Asset Management, Dragoneer Investment Group LLC and certain entities affiliated with Soros Fund Management LLC have indicated an interest in buying up to $5 billion of shares of Class A common stock.
A recent filing by Amazon shows the e-commerce giant already holds more than a 20% stake in Rivian.