Amazon-backed EV maker Rivian raises $11.9 bn in year's biggest IPO

Electric vehicle-maker Rivian Automotive Inc. priced shares in its initial public offering at $78 apiece to raise about $11.9 billion, the biggest first-time share sale this year.  

Backed by deep pocketed companies such as Amazon.com Inc. and Ford Motor Co., Rivian is hitting the public markets as it looks to make a dent in the electric vehicle market led by Tesla Inc. 

Rivian sold 153 million shares in the offering, according to a statement confirming an earlier Bloomberg News report. The $11.9 billion haul is the sixth-largest ever on a U.S. exchange, data compiled by Bloomberg show. 

The IPO comes