© Reuters. FILE PHOTO: R.J. Scaringe, Rivian’s 35-year-old CEO, introduces his company’s R1T all-electric pickup truck at Los Angeles Auto Show in Los Angeles, California, U.S. November 27, 2018. REUTERS/Mike Blake/File Photo
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By Echo Wang and Anirban Sen
NEW YORK (Reuters) – Amazon-backed EV maker Rivian sold shares in its initial public offering (IPO) at $78 per share, above its target range, to raise over $10 billion, people familiar with the matter said on Tuesday.
The IPO gives Rivian a valuation of about $66.5 billion. The raise was the one of the largest ever for an IPO in the U.S., according to data from Dealogic.
On a fully diluted basis, Rivian will be valued at over $77 billion.
Rivian priced 135 million shares at $78 per share, the sources said, requesting anonymity as the talks are confidential.
On Friday, Rivian had boosted its price range to $72 to $74 per share, up from an earlier range of $57 to $62 a share.
Rivian did not immediately respond to a request for comment.
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