Shares of Rivian (RIVN) shot out of the gate Wednesday, rising to as much as $119 during trading, before settling down to $100.73 at the closing bell.
The price far exceeded the automaker’s targeted range of $72 to $74 announced yesterday, which was already increased from its previous range of $57 to $62.
With its debut, Rivian sold 153 million shares and raising about $11.9 billion, making it the biggest initial public offering (IPO) this year. It was also the six-largest IPO ever in the US, according to a report from Bloomberg.
In terms of automakers, Rivian is now the fifth most valuable in the world with a valuation of $98.6 billion.
Only Tesla, Toyota, VW, and BYD have larger market valuations.
Lucid, another EV company to go public this year has a valuation of around $68 billion.
The large amount of interest in Rivian comes as the company began deliveries of its first consumer vehicle, the R1T electric pickup truck, in September. So far most, if not all, have been handed over to employees.
The company plans to launch its next EV, the R1S SUV, before the end of the year.