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Rivian IPO Nets EV Maker $13.7B in Proceeds

Rivian Automotive Inc. (Nasdaq: RIVN) said its initial public offering last week netted it $13.7 billion in gross proceeds, according to a regulatory filing.

The raise is above the $11.9 billion the Irvine electric vehicle maker had originally estimated its proceeds to be last week ahead of its IPO.

The automaker is the largest IPO this year and the sixth largest in U.S. history.

The company’s shares have continued to climb since it began trading last Wednesday.

Rivian was up 10.1% in midday trading Tuesday to $164.44 and a market cap of about $148 billion.

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