Shares of Irvine electric vehicle maker Rivian Automotive Inc. (Nasdaq: RIVN) climbed more than 40% in midday trading Wednesday as the Tesla Inc. (Nasdaq: TSLA) rival made its public market debut.
The company late Tuesday priced its shares at $78, up from the $72 to $74 range it estimated last week. Rivian’s shares were trading in excess of $110 midday Wednesday.
Rivian had a market cap of $106.3 billion. It is currently OC’s most-valuable public company.
Meanwhile, Tesla’s stock was trading up 3.7% to $1,061.68 on Wednesday, with a market cap of $1.1 trillion.
For more on Rivian, see the Nov. 15 print edition of the Business Journal.