Rivian, the Amazon-backed electric vehicle startup, exceeded even its expectations as it hit the public markets Wednesday at a value of nearly $70 billion. Late Tuesday, the company announced it would set the price per share at $78, above even the revised range of $72 to $74 per share it said in a Securities and Exchange Commission filing on Friday.
Morgan Stanley, Goldman Sachs and J.P. Morgan were the lead underwriters. Rivian plans to offer 153 million shares to the public.
In its regulatory...
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