Electric car company Rivian’s IPO price set at $18 a share

The electric car company whose shares will start trading today said the deal is valued at about $70 billion, the biggest initial public offering in U.S. history. The stock will begin trading on the…

Electric car company Rivian’s IPO price set at $18 a share

The electric car company whose shares will start trading today said the deal is valued at about $70 billion, the biggest initial public offering in U.S. history.

The stock will begin trading on the Nasdaq Stock Market at 9:30 a.m. Thursday, the Monrovia, California-based company said in a regulatory filing. Rivian will issue 31.2 million Class A shares, which could be worth $7.46 billion, based on an $18 price range set by the company.

Rivian, co-founded by Bryan Hansel, currently has 97 employees and almost as many customers, the company said. Rivian has sought to make a so-called truck for the times by using lightweight materials to cut emissions and fuel bills.

The IPO values Rivian at 24 times its $1.1 billion in revenue over the past 12 months, based on the midpoint of the range.

Berkshire Hathaway bought about 6 percent of Rivian in January for $84 million, as part of the company’s pool of cash for corporate and private-equity investments.

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