Rivian announced that it raised $11.9 billion dollars in its initial public offering (IPO) and achieved a valuation of $76.4 billion, selling 153 million shares of Class A common stock at $78 per share to do so. These figures exceeded Rivian’s initial expectations to sell shares at $52 each and a goal to sell around 135 million shares in total.

It began trading on the Nasdaq Global Select Market on November 10 under the ‘RIVN’ ticker symbol and, subject to customary closing conditions, is expected to close on November 15. Around $5 billion worth of shares are set to be bought by Rivian’s largest investors – among which are Amazon, T. Rowe Price, Franklin Templeton, and Capital Research Global Investors. The IPO itself was overseen by a variety of international banks, with Morgan Stanley, Goldman Sachs and J.P Morgan acting as its lead book running managers. Additionally, Rivian said that it would allocate up to 7% of its shares to eligible US customers who had pre-ordered an EV from them before September 30. The IPO follows the beginning of production, and deliveries, for the firm’s R1T electric pick-up truck at its plant in Normal, Illinois. The rate of production there is currently estimated at around 1,200 vehicles per year, although Rivian expects this to increase to 150,000 by late 2023 and reach 1,000,000 before 2030 – equivalent to Tesla’s production levels today.

Rivian also announced a range of new products for the commercial vehicle and fleet sectors. Most notably, it will open up orders of its electric van, the Rivian Commercial Vehicle, to third parties in 2022 ahead of an early 2023 delivery. Also announced were dedicated fleet versions of its R1S and R1T EVs alongside a fleet management platform and a trio of fleet-focused charging solutions. FleetOS, Rivian’s fleet management platform, integrates full fleet telematics, charging, maintenance, purchasing and resale into a single computer application. The platform also supports non-Rivian products, allowing for the native integration of third-party vehicles to support mixed-vehicle fleets.

To support fleets using its products, Rivian unveiled three dedicated charging solutions. Its DC Fleet Dispenser can be mounted on overhead structures, walls or pedestals and can deliver up to 160 kW of DC fast charging. Likewise, an AC Fleet Dispenser connects to Rivian’s Power Cabinet to provide 11.5 kW charging for take-home vehicles and in depots for private fleet charging. Both chargers are compatible with the CCS1 connector type found on many EVs, including Rivian’s Commercial Vehicle.