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Top 10 Investors Acquired 75% of Rivian's $1.2 Billion Stock Offering, Report Says
Rivian Automotive's recent $1.2 billion stock offering saw significant interest from a small group of large investors, according to a Bloomberg report on Wednesday. The top 10 participants in the offering reportedly acquired 75% of the available shares, while the top 25 investors secured 95% of the total. The report also noted that the offering received more orders than there were shares available.
The electric vehicle manufacturer priced 75 million shares at $15.50 each. This price represented a 23% discount compared to the stock's closing price of $20.14 on the Monday before the marketing period for the offering began.
The sale was managed by a consortium of major financial institutions. Goldman Sachs Group Inc., Allen & Co., Barclays Plc, JPMorgan Chase & Co., Morgan Stanley, and Wells Fargo & Co. all served as underwriters for the stock offering.
AdFollowing the news, shares of Rivian Automotive traded more than 3% lower on Wednesday, continuing a trend of recent losses for the electric vehicle maker's stock.