By Blake Haas
NORMAL – Shares of Rivian Automotive hit record numbers as the highest IPO (Initial Public Offering) since 2014.
With a plant in Normal, the Electric-vehicle startup company began trading for the first time on the Nasdaq under the ticker symbol “RIVN.”
Common shares began trading at noon on Wednesday at $106.75 and hit a high of $119.38.
Kevin Kingston, with Savant Wealth Management, said it’s a monumental day for the twin-cites.
“(It’s) really big news. Their raising something north of $20 billion through that offering. I think the share numbers were close to 153 million shares that were issued. And of course, a big valuation when you look at the company valuation in that $80 billion range exceeds the sized of Ford (F) and GM (General Motors).”
The automaker has the backing of Amazon, which owns 25% of the company, along with Ford, which has roughly a 10% stake in the electric manufacturer.
“Very exciting day, I would say that in Bloomington,” Kingston told WJBC’s Todd Wineburner. “Obviously, we’ve seen the benefits of our real estate market. Before Rivian came in, believe it or not, that was 2017, hard to believe it was that long. But in the last two years, we’ve seen, because they’ve brought employees into the community and hired new employees, it’s really helped our residential real estate and even commercial real estate in a significant way.”
The company moved to Normal after paying $16 million for the former Mitsubishi plant in Normal. The plant currently employs over 2,000 workers.
At the close on Wednesday, shares popped 29% from the IPO price of $78 to $100.73.
Blake Haas can be reached at [email protected].
