Which luxury EV maker's 2021 IPO raised $11.9 billion?

Which luxury EV maker's 2021 IPO raised $11.9 billion? The answer is Rivian.

Rivian completed its IPO on November 10, 2021, selling 153 million shares at $78 each and raising approximately $11.9 billion in gross proceeds. The electric-vehicle maker listed on the NASDAQ under the ticker RIVN, and its offering became one of the largest U.S. IPOs of the year.

Rivian was founded by R.J. Scaringe in 2009 and focused on electric trucks and SUVs rather than the luxury sedans associated with some competitors. Its first consumer vehicles were the R1T pickup and R1S SUV. Amazon and Ford were among its major early investors, helping fund factory construction and vehicle development.

The $11.9 billion figure refers to the IPO’s widely reported gross proceeds before expenses and excludes the full effect of underwriters’ additional-share option. Rivian’s IPO valuation and first-day market value were separate figures, so they should not be confused with the cash raised.