It was a star studded evening at Chateau Marmont in West Hollywood this evening, which was not very surprising since the company in front of us was the hot IPO. I.P.O. in question, electric mobility company Rivian Automotive, which debuted their all electric, small car, Rivian R1T, in on-demand spaces at the intersection of Sunset and Santa Monica Boulevard. The I.P.O. for this Colorado-based startup hit the streets July 16 and its success has been hardly less than stunning.
The company brought in $45 million USD to close out its first month on the market. The R1T (Rivian: Road to Revolution) is an all-electric vehicle with far less than the 300 hp of most EVs, but one with a range of over 300 miles. The auto maker also sees the R1T as one of the first of many electric passenger vehicles on the market. Earlier this year in May, Rivian received the USD $200 million conditional loan in order to continue on with the $1 billion R1T construction project. With financing in hand, the company has its eyes set on bringing the R1T to the market in early 2019.
Drexel Hamilton recently increased their rating of the R1T on this EV-market sentiment and stayed positive that Rivian was going to set a new standard in sustainable vehicles.
Rivian Automotive began trading on the Nasdaq Friday, August 24th, and ended it up, if its stocks could be trusted. The shares were up 75% from the IPO price when ended the day with its high of $15.60.
No, there were no blanks in this picture – this IPO truly went well.