Close Menu
TechCentralTechCentral

    Subscribe to the newsletter

    Get the best South African technology news and analysis delivered to your e-mail inbox every morning.

    Facebook X (Twitter) YouTube LinkedIn
    WhatsApp Facebook X (Twitter) LinkedIn YouTube
    TechCentralTechCentral
    • News

      A history of the decoders made by M-Net and DStv

      30 November 2023

      How South Africa’s banks became bakgat

      30 November 2023

      Putin’s daughter pursues digital plan in push to embrace Africa

      30 November 2023

      MTN slashes prepaid data prices: 200GB for R399

      30 November 2023

      Spar confident worst of ERP disaster now behind it

      30 November 2023
    • World

      ‘Go f… yourself’: Musk lashes out at fleeing advertisers

      30 November 2023

      Microsoft to take non-voting position on OpenAI board

      30 November 2023

      Hackers stole customer support data in Okta breach

      29 November 2023

      Orange withdraws from process to buy into Ethio Telecom

      28 November 2023

      Musk’s X hit by advertiser exodus

      27 November 2023
    • In-depth

      Africa has a feature phone problem

      23 November 2023

      Is your ISP monitoring your online activity?

      10 November 2023

      The real Big Brother Africa

      2 November 2023

      Compared: Starlink prices around the world – including Africa

      30 October 2023

      Africa is booming

      30 October 2023
    • TCS

      TCS+ | OneTrust’s Joseph Byrne: privacy risk management done right

      29 November 2023

      TCS+ | Ricoh – safe and secure role in today’s digital ecosystems

      27 November 2023

      TCS+ | NEC XON on going toe to toe with cybercriminals

      22 November 2023

      TCS | How ShotSpotter is fighting gun crime in Cape Town

      13 November 2023

      TCS+ | SOC-as-a-service: CYBER1 SOC and the future of cybersecurity

      13 November 2023
    • Opinion

      Could Cape Town become Africa’s Silicon Valley?

      14 November 2023

      Chris Kruger: What I learnt in my decades in IT leadership

      6 November 2023

      Ransomware attacks: how South African companies should respond

      6 November 2023

      Fibre providers urged to go ‘nano’ to cut costs

      31 October 2023

      Big banks, take note: PayShap should be free

      20 October 2023
    • Company Hubs
      • 4IRI
      • Africa Data Centres
      • Altron Document Solutions
      • Altron Systems Integration
      • Arctic Wolf
      • AvertITD
      • CallMiner
      • CoCre8
      • CYBER1 Solutions
      • Digicloud Africa
      • Digimune
      • E4
      • Entelect
      • ESET
      • Euphoria Telecom
      • iKhokha
      • Incredible Business
      • iONLINE
      • LSD Open
      • Maxtec
      • MiRO
      • NEC XON
      • Next DLP
      • Paratus
      • Ricoh
      • Skybox Security
      • SkyWire
      • Velocity Group
      • Videri Digital
    • Sections
      • AI and machine learning
      • Banking
      • Broadcasting and Media
      • Cloud computing
      • Consumer electronics
      • Cryptocurrencies
      • E-commerce
      • Education and skills
      • Energy
      • Fintech
      • Information security
      • Internet and connectivity
      • Internet of Things
      • Investment
      • IT services
      • Metaverse and gaming
      • Motoring and transport
      • Open-source software
      • Public sector
      • Science
      • Social media
      • Talent and leadership
      • Telecoms
    • Events
    • Advertise
    TechCentralTechCentral
    Home » Sections » Motoring and transport » Rivian valued at $93-billion after biggest IPO of 2021

    Rivian valued at $93-billion after biggest IPO of 2021

    By Agency Staff10 November 2021
    Facebook Twitter LinkedIn WhatsApp Telegram Email

    Shares of Rivian Automotive opened almost 37% higher in its Nasdaq debut on Wednesday, giving the Amazon-backed electric vehicle maker a market valuation of nearly US$93-billion and making it the second most valuable US car manufacturer.

    The mammoth valuation would make Rivian bigger than General Motors at $86-billion, Ford at about $80-billion, and Lucid Group at $69-billion.

    The stock opened at $106.75/share, blowing past the offer price of $78/share.

    Since last year, companies in the EV space have emerged as some of the hottest investments. Including securities such as options and restricted stock units, Rivian’s fully diluted valuation amounted to more than $106-billion.

    Institutional investors are betting on Rivian to be the next big player in a sector dominated by Tesla

    Wall Street’s biggest institutional investors are betting on Rivian to be the next big player in a sector dominated by Tesla amid mounting pressure on automakers in China and Europe to eliminate vehicle emissions.

    Rivian’s IPO comes against the backdrop of the UN Climate Summit, which saw automakers, airlines and governments unveil a raft of pledges to cut greenhouse gas emissions from global transport.

    Rivian has been investing heavily to ramp up production, doubling down on its upscale all-electric R1T bakkie, which was launched in September.

    The Irvine, California-based company plans to build at least a million vehicles a year by the end of the decade, its CEO said on Tuesday.

    Upsized

    Founded in 2009 as Mainstream Motors by RJ Scaringe, the company was renamed in 2011 as Rivian, a name derived from “Indian River” in Florida, a place Scaringe frequented in a rowboat as a youth.

    Scaringe will hold all outstanding class-B common shares after the IPO and get 10 votes per share, Rivian said in a filing.

    Rivian, also backed by Ford, priced an upsized IPO of 153 million shares at $78/share, raising nearly $12-billion, making it one of the biggest US IPOs.  — Reported by Noor Zainab Hussain and Ben Klayman, with additional reporting by Niket Nishant, (c) 2021 Reuters

    Rivian Tesla
    Share. Facebook Twitter LinkedIn WhatsApp Telegram Email
    Previous ArticleSpace Station to manoeuvre higher to swerve satellite junk
    Next Article Electric cars are not as eco-friendly as you might think

    Related Posts

    A history of the decoders made by M-Net and DStv

    30 November 2023

    ‘Go f… yourself’: Musk lashes out at fleeing advertisers

    30 November 2023

    How South Africa’s banks became bakgat

    30 November 2023
    Promoted

    5G home broadband a big opportunity for African operators

    30 November 2023

    DCA, Huawei and WBBA host Africa Fibre Forum 2023

    30 November 2023

    Accelerate innovation with platform engineering

    30 November 2023
    Opinion

    Could Cape Town become Africa’s Silicon Valley?

    14 November 2023

    Chris Kruger: What I learnt in my decades in IT leadership

    6 November 2023

    Ransomware attacks: how South African companies should respond

    6 November 2023

    Subscribe to Updates

    Get the best South African technology news and analysis delivered to your e-mail inbox every morning.

    © 2009 - 2023 NewsCentral Media

    Type above and press Enter to search. Press Esc to cancel.