▲ Rivian 'R1T' electric pickup truck
American startup Rivian, which is evaluated as a competitor to Tesla, the No. 1 electric car industry, will be listed on the Nasdaq.
Foreign media reported that the IPO price of Rivian was confirmed at $78 per share on the 10th local time, and the starting price is expected to reach $125, which is 60% higher than the IPO price.
The Libyan market is expected to be worth $17 billion (126.1 trillion won).
If Rivian's market capitalization exceeds $100 billion, it will surpass that of Ford, General Motors (GM) and Chrysler's parent company Stalantis, the 'big three' car makers in the United States.
The name of Rivian's NASDAQ stock is 'RIVN'.
"Institutional investors on Wall Street are betting that Rivian will be the next 'big player' in Tesla-dominated electric vehicles," Reuters reported.
According to Bloomberg, Rivian's initial public offering (IPO) is the largest in the US this year and the sixth in history.
Based on the IPO price of Rivian, the amount of capital raised is approximately $12 billion.
Rivian is a startup founded in 2009 by RJ Scarringe, a graduate of the Massachusetts Institute of Technology (MIT), and is evaluated as a potential rival to Tesla.
Rivian has been recognized for its electric vehicle manufacturing technology and has received an investment of about $10.5 billion from Amazon and Ford from 2019 to now.
Amazon and Ford own 20% and 12% of Rivian, respectively.
Rivian made an operating loss of about $2 billion from the beginning of last year to June this year, but started to monetize it by putting the electric pickup truck R1T on the market in September, and plans to introduce the R1S, a sports utility vehicle, next month.
Rivian aims to produce at least 1 million electric vehicles per year over the next 10 years.
Headquartered in Irvine, California, Rivian builds electric vehicles at an assembly plant in Illinois.
(Photo = Getty Images Korea)