Rivian Ends First Day of Trading on High Note

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Photo from RJ Scaringe’s Instagram

Irvine electric vehicle maker Rivian Automotive Inc. (Nasdaq: RIVN) closed up nearly 30% in its first day of trading Wednesday.

Rivian climbed as high as 52% to $188.34 before closing at $100.73 and a market cap of $98.7 billion.

The company is now OC’s most valuable public company, surpassing Irvine heart valve maker Edwards Lifesciences Corp. (NYSE: EW). Its IPO is also the largest since Alibaba Group Holding Ltd.’s (NYSE: BABA) public offering in 2014.

Rivian shares were up 1.8% in after-hours trading to $102.50.

For more on Rivian, see the Nov. 15 print edition of the Business Journal.