Rivian (RIVN) stock closes at $100.73/share on IPO's first day of trading
Electric vehicle company Rivian comes in at just over $100/ share after it's first day of trading.
Rivian (RIVN) is an increasingly popular electric vehicle company that previously only had private investors in big corporations like Amazon and Ford. However, the company recently went public with an IPO listing to the stock market. Rivian’s (RIVN) first day on the market has come to an end, and the stock closed at $100.73/share.
November 10 was Rivian’s (RIVN) first day being publicly traded, after receiving a valuation of $66.5 billion USD. The stock opened that day at $78/share, showing some impressive performance in its first day on the market. The stock’s value reached a high of $119.38 at 10:15 a.m. PT/1:15 p.m. ET, and was at $100.73/share when markets closed at 1 p.m. PT/4 p.m. ET.
Following the market close, Rivian (RIVN) continued to be quite active. After hours, the stock jumped up to $101.80/share. During its first day on the market, Rivian talked about its environmental initiatives in a post to the company’s Twitter account.
Beginning with today’s IPO, 8.2 million shares of Rivian’s equity will go to fund Forever, our philanthropic mission to support high-impact climate initiatives and preserve critical biodiversity.
As the market for electric vehicles gets larger, it will be interesting to see how Rivian’s stock performs over time. Of course, it’s still got quite a ways to go to be in the ballpark of EV company Tesla (TSLA), which recently hit a valuation of $1 trillion. For future updates on Rivian’s (RIVN) stock and its financial performance, stick with us here on Shacknews.
Donovan Erskine posted a new article, Rivian (RIVN) stock closes at $100.73/share on IPO's first day of trading