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Rivian valued at $93 billion on debut, after world’s biggest IPO of 2021

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A Rivian R1T pickup, the Amazon-backed electric vehicle (EV) maker, is driven through Times Square during the company’s IPO in New York City, U.S., November 10, 2021. REUTERS/Brendan McDermid

(Reuters) – Shares of Rivian Automotive Inc opened almost 37% higher on the Nasdaq on Wednesday, giving the Amazon-backed electric vehicle maker a market valuation of nearly $93 billion and making it the second most valuable U.S. automaker.

Reporting by Noor Zainab Hussain in Bangalore and additional reporting by Niket Nishant; Editing by Arun Koyyur and Anil D’Silva

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