The mobile entertainment company Rivian, led by former Uber executive Doug DeLuca, said Saturday it had priced shares at $27 apiece, raising nearly $7 billion before giving them a Dec. 21 debut on the Nasdaq Stock Market. That’s a big portion of the I.P.O. for the El Segundo, Calif., company.
The offering values Rivian at $71.3 billion, making it the largest U.S. technology company to go public in 2018.
Mr. DeLuca, 34, co-founded Rivian last year with engineering team from Uber, Tesla and Daimler. He served as COO of Uber from July 2016 until April this year. He has not had a role at Uber since stepping down from the role and now serves as the company’s CEO.
The company offers electric vehicles that resemble an SUV, albeit one with a hatchback and “sculpted two-seater design.”
It wants to offer more than 30 models by 2022, a spokeswoman said. By 2022, the company will have more than 3,000 dealers in more than 30 countries, according to Rivian’s IPO filing, and will work on introducing autonomous technology by the end of the decade.
Last month, Mr. DeLuca, who remained in L.A. after his departure from Uber, told the Times that Rivian’s top priority was to be a source of material for investors who were interested in electric vehicles.
“Automotive investments are important to a portfolio and investors have not had a lot of material to back their products,” Mr. DeLuca said in the interview. “Automotive has been the one bright spot in the last 18 months. We believe the future of transportation lies in autonomous cars.”
More than a dozen automakers and technology companies are developing self-driving vehicles, including General Motors, Apple, Google, Intel, Tesla and Ford.
Rivian’s big challenge will be to make its way into the market and reduce production costs. As Mr. DeLuca said, “We are a manufacturing startup, and the last thing a startup wants to do is manufacture something you don’t know how to make.”