Why Rivian Automotive Stock Zoomed 29% Higher Today
The stock of the newest electric vehicle (EV) company made a thunderous debut on the market Wednesday. Investors said hello to Rivian Automotive (NASDAQ:RIVN) by pushing its shares 29% above their opening price today.
Rivian and the underwriters of its massive initial public offering (IPO) were very successful in creating buzz for the stock straight out of the garage. The company has been one of the most talked-about players in the EV industry since that IPO was announced earlier this year.
As a result, the opening price on the stock exchange was $106.75, 37% higher than the $78 IPO price. And that's before investors piled into it in Wednesday's frenzy.
Source Fool.com
