Rivian (RIVN) Shares Continue to Surge in Pre Open After Biggest IPO Since Facebook

Shares of EV maker Rivian (NASDAQ: RIVN) are up about 9% in pre-open Thursday after the company made its successful trading debut.

Rivian shares jumped 29.14% on the first day to close at $100.74, valuing the EV business at nearly $86 billion. Rivian stock price has continued to soar in after hours to push the total market cap to around $93 billion. Rivian shares were trading close to $120 at one point yesterday.

For General Motors (NYSE: GM) CEO Marry Barra, the success of Rivian IPO is another evidence that the Michigan-based company is undervalued.

“What it highlights to me is the huge opportunity. General Motors is so undervalued. I see it as huge opportunity for General Motors to capture significant more value,” Marra said at The New York Times DealBook conference.

“I look at every competitor as somebody that I respect. And that we have to be better, be faster, have vehicles that consumers want to have, solve the ownership equation. So that’s the way I look at it. I would say if anything, it motivates me to work even harder,” she added.

Rivian IPO marks the largest US offering since Facebook (NASDAQ: FB) went public.

GM boasts a market cap of just over $86 billion.

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