Rivian Automotive priced its much anticipated initial public offering at $78 a share, a person familiar with the situation said.
The $78 is above the price range Rivian set last week. The all-electric truck maker had filed to offer 135 million shares at $57 to $62. It boosted the price range to $72 to $74 a share on Nov. 5, according to a prospectus.
Rivian will trade Wednesday on the Nasdaq under the ticker RIVN. Morgan Stanley, Goldman Sachs, and J.P. Morgan are the lead underwriters on the deal.
Rivian is valued at nearly $70 billion based on the 873.1 million shares outstanding if the underwriters exercise the so-called greenshoe. (The greenshoe allows underwriters on a deal to buy shares in the IPO at the offer price.)
Rivian's near $70 billion valuation would surpass the market capitalization of Honda Motor (ticker: HMC), which ended Tuesday with a $51 billion market cap, bringing Rivian closer to Ford Motor (F), an investor in Rivian, whose valuation was $80 billion. General Motors (GM) had an $85.1 billion market cap Tuesday.
Founded in 2009, Rivian makes all-electric pickup trucks and SUVs. It employed 9,195 people as of Oct. 30. The Irvine, Calif., company is considered one of the more serious rivals to Tesla (TSLA), the leading EV manufacturer.
