Bezos-backed Rivian revs up for $65bn valuation in IPO

Electric carmaker's shares to start trading in New York in one of biggest stock market debuts

The Jeff Bezos-backed electric carmaker Rivian is aiming for a market value of $65bn (48bn) when shares start trading in New York on Wednesday, in one of the biggest-ever stock market floats.

Rivian announced late on Tuesday that its shares would start trading at $78 each, significantly above the $52 a share lower end of the range it had first targeted. It sold 153m shares, more than the 135m it aimed for initially.