Breaking: Rivian Automotive (RIVN) opens at $106.75

Rivian Automotive listed on the Nasdaq today in one of the hottest IPO's of the year. Rivian is listed under the ticker symbol RIVN. RIVN opened at $106.75 from the IPO price of $78.

Rivian is an electric vehicle manufacturer backed by Amazon and Ford. Demand was exceptionally high for this one. The initial price range for the IPO was $57 to $62 but this was increased sharply to $72 to $74 on Monday after a strong investor roadshow. Finally, the IPO price was set late Tuesday at $78 meaning Rivian (RIVN) raised nearly $12 billion dollars in what is one of the top 10 biggest US IPO's ever. 

Rivian opened for trading on the Nasdaq at $106.75 giving it a market cap of over $100 billion. This makes it bigger than Ford (F), BMW, General Motors (GM), Honda, and others. Volkswagen which owns VW, Audi, Porsche, Skoda, SEAT, Lamborghini has a market cap of $122 billion.