Jul. 8 at 8:11 PM
Rivian Automotive's
$1.2 billion equity offering attracted strong institutional demand, with the 10 largest investors purchasing about 75% of the available shares, Bloomberg reported. The offering was oversubscribed, and the top 25 investors ultimately secured roughly 95% of the allocation, underscoring continued interest from large funds despite the company's recent stock volatility.
Rivian priced 75 million shares at
$15.50 each, representing a 23% discount to Monday's closing price of
$20.14 before the offering was marketed. The capital raise is expected to strengthen the EV maker's balance sheet and support production ramp-up and future growth initiatives. Goldman Sachs, Allen & Co., Barclays, JPMorgan, Morgan Stanley, and Wells Fargo acted as underwriters.
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