Rivian Automotive Inc. priced its highly anticipated initial public offering at $78 a share, well above its raised expectations, valuing the electric-vehicle maker at more than $77 billion on a fully diluted basis, according to a person familiar with the matter.
The company, backed by Amazon.com Inc., was expected to raise about $12 billion in the offering by selling more shares than it originally planned. The amount of shares to be sold was still moving around late Tuesday, a person familiar with the matter said, so that number could change.
