Power Play: How the U.S. Government Lifted a Suburban Town’s Stock Market Record

——-

Rivian, a Californian startup that focuses on electric cars and autonomous vehicles, said Monday that it was starting trading on the Nasdaq stock exchange under the symbol “RIV.”

The company said its shares, priced at $31, opened at $56.60, up 64 percent from the initial pricing. Shares closed on Monday at $56.28. They closed at $39.03 at the close of trading on Nov. 28, after the IPO was announced.

The IPO price values Rivian at $50.4 billion. The previous company record was valued at $27.5 billion, according to media reports.

—Victoria Jones

Get the best of the Times’ business stories on your iPhone with our new iPhone app. Get it from the Apple app store or the Google Play store.

——-

Rivian, a California company that focuses on electric cars and autonomous vehicles, said Monday that it was starting trading on the Nasdaq stock exchange under the symbol “RIV.”

The company said its shares, priced at $31, opened at $56.60, up 64 percent from the initial pricing. Shares closed on Monday at $56.28. They closed at $39.03 at the close of trading on Nov. 28, after the IPO was announced.

The IPO price values Rivian at $50.4 billion. The previous company record was valued at $27.5 billion, according to media reports.

— Emma Rosenblum

Leave a Comment