Electric vehicle-maker Rivian Automotive Inc set its IPO price at $78 to raise nearly $11.9 billion, according to a report by Bloomberg on Tuesday.

  • Rivian, supported by giant companies such as Amazon.com Inc. and Ford Motor. Co. is entering into the public markets as it looks to cut into Tesla’s electric vehicle market share.
  • Rivian 153 million shares raising $11.9 billion, is the 6th largest ever in the U.S. stock exchange.  
  • The initial public offering comes as Rivian manufactured its first vehicles, mainly for its employees, a few months ago.
  • Rivian is set to produce nearly 1,200 units by the end of the year at its plant situated in Normal, Illinois.
  • The company that lost close to $1 billion in the first half of the year, projected that annual production will reach 150,000 vehicles at its main production unit by late 2023.

The Amazon-backed EV maker is being valued at around $76.4 billion on a fully diluted basis. AMZN down -0.23%, Pre-market trading