IPO Recap | EV maker Rivian and software unicorn Expensify will go public today

On the last trading day, the NASDAQ Composite index dropped 0.60%, while the S&P 500 index dipped 0.35%, and the Dow Jones Industrial Average declined 0.31%.

On Tuesday, there was no traditional IPO filed and four new stocks officially listed for trading. Online commerce platform Society Pass surged 436.67% in its trading debut, giving it a market value of $0.92 billion.

Rivian and Expensify is going public today:

Electric vehicle start-up Rivian Automotive plans to list its shares on the Nasdaq on November 10th. The company aims to trade under the ticker symbol “RIVN.”

Rivian had previously raised its expected price range to between $72 and $74, up from an initial range of $57 to $62. It priced its IPO on Tuesday at $78 a share above top of range.

According to Bloomberg, Rivian expects the IPO to bring in $11.9 billion. The $11.9 billion haul is the biggest first-time share sale this year as well as the sixth-largest ever on a U.S. exchange.

Based on the share count, Rivian is being valued at about $76.4 billion on a fully diluted basis that accounts for stock options.

Expensify plans to list on the Nasdaq Global Market under the ticker symbol "EXFY." The company is known for its cloud software, which helps businesses manage their finances.

Expensify boosted the price range for its initial public offering. It would sell 9.73 million shares at $25 to $27 each, up from the $23 to $25 price range it set last week. At $27 a share, Expensify’s valuation is $2.18 billion.

The offering is being led by JPMorgan Chase & Co., Citigroup Inc. and Bank of America Corp.

Online commerce platform Society Pass acquires and operates e-commerce platforms in South Asia.

It operates its platforms through direct and indirect wholly-owned subsidiaries, including but not limited to Society Technology LLC, SoPa Technology Pte Ltd, SoPa Cognitive Analytics Pte Ltd, Sopa Technology Co Ltd, HOTTAB Pte Ltd and HOTTAB Vietnam Co Ltd, etc.

The Group currently markets to both consumers and merchants in Vietnam while maintaining an administrative headquarters in Singapore.

After the completion of IPO, it intends to expand our e-commerce ecosystem throughout the rest of SEA and South Asia with particular focuses on the Philippines, Indonesia, India and Bangladesh.

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Created in 2004 and released in 2006, Roblox began to grow rapidly in the second half of the 2010s, and this growth has been accelerated by the COVID-19 pandemic. As of August 2020, Roblox had over 164 million monthly active users, with it being played by over half of all children aged under 16 in the United States.

As of November 10th 2021 Roblox has a market cap of $63.39 billion, with the listed to date gain of 143.38%.