Car maker Ford Motor Co.'s (F) ownership stake of 102.38 million shares of rival Rivian Automotive Inc. is worth about $8 billion, based on the $78 per share price of the electric vehicle maker's initial public offering on Wednesday. Rivian's other major shareholders include Amazon (AMZN), with 160.03 million shares valued at $12.5 billion; T. Rowe Price, with 133.67 shares worth $10.4 billion; Global Oryx Co. Ltd., with 113.93 million shares valued at $8.9 billion; and Manheim Investments Inc., with 39.3 million shares worth about $3.1 billion. Rivian's fully diluted market cap will be about $77 billion at its IPO price. At last check, Ford has a market cap of $80.5 billion, General Motors (GM) $86.5 billion and Tesla Automotive (TSLA) $1.17 trillion. With total proceeds of $11.9 billion, the IPO ranks as the largest of 2021. The company will trade on the Nasdaq under the symbol RIVN.
(END) Dow Jones Newswires
November 10, 2021 08:30 ET (13:30 GMT)
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