Rivian stock is soaring.
Courtesy RivianRivian stock was soaring for a second day after the electric-truck maker made a stunning debut as a publicly traded company Wednesday. It is on track to be the most valuable U.S. auto maker after Tesla.
Shares in Rivian (ticker: RIVN) surged 11.5% in Thursday to above $113 a share. The stock jumped more than 29% in its first day of trading Wednesday, closing at $100.73, up $22.73 from its offer price of $78.
Rivian raised $11.9 billion in its initial public offering—the biggest new issue of the year. The company, founded in 2009 and a maker of all-electric pickup trucks and SUVs, had initially filed to offer its shares in the range of $57 to $62, later raising the range to $72 to $74.
With backers including Amazon (AMZN) and Ford (F), Rivian’s market capitalization above $96 billion—based on a $113 share price and 852.8 million shares outstanding—would make it the most valuable U.S. auto maker after Tesla (TSLA).
In Rivian’s first day of trading, its market cap ended at $85.9 billion, just shy of General Motors (GM), which had an $86 billion market valuation Wednesday, and well above Ford ‘s $77.4 billion market cap. But it remains far behind electric rival Tesla, which is valued at more than $1 trillion and is one of the most valuable U.S. companies.
Write to Jack Denton at jack.denton@dowjones.com
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