(Bloomberg) Rivian Automotive Inc. is expected to debut its IPO at $78 per share, which is above the raised target of $72 to $74 apiece announced on Friday last week.
The IPO price is a significant upgrade as it initially intended to sell its shares at a price range of $52 to $62.
The automotive company is yet to post revenues and has big losses up to now, but investors are optimistic of its growth potential.
The company intends to launch three electric car models by the end of 2021, with an electric delivery truck for Amazon. The company has orders of 100,000 of electric delivery trucks which will be delivered by 2025.
At the offer price, Rivian IPO is expected to raise $11.9 billion and will be the biggest first-time share sale in 2021. It will value the company above $77 billion.
The company will trade under ticker RIVN after Nasdaq debut on Wednesday.
