IPO Recap | EV maker Rivian valuation pops above Ford in biggest IPO of 2021

On the last trading day, the NASDAQ Composite index dipped1.66%, while the S&P 500 index declined0.82%, and the Dow Jones Industrial Average dropped0.66%.

On Wednesday, there was no traditional IPO filed and four new stocks officially listed for trading.

Amazon-backed EV maker Rivian surged 29.14% on its first of trading, valued at $85.91 billion.That absolute eye-popping number makes Rivian one of the largest IPOs in U.S. history and puts its market cap above one of its backers, Ford.

Software unicorn Expensify's stock price pops 52.07% on its first of trading, giving it a market value of $3.32 billion.

Rivian, founded in 2009, design, develop, and manufacture category-defining electric vehicles (“EVs”) and accessories.

Rivian launched its R1T, a two-row, five-seat pickup truck, in September. It plans to launch an SUV, the R1S, in December. Wider sales of the truck and the SUV are expected to begin in December and January.

Rivian beat Tesla, GM and Ford to the market with an electric pickup, the R1T, which has received glowing early reviews.

Cloud-based expense management software platform Expensify, based in Portland, Oregon, helps the smallest to the largest businesses simplify the way they manage money.

Employees can report an expense for reimbursement by snapping a photo of a receipt. The software can take care of paying a customer's bills, it can create, send and manage invoices, and it can also book flights for business travel.

For the quarter ended June 30, 2021, an average of 639,000 paid members across 53,000 companies and over 200 countries and territories used Expensify to make money easy.

Confluent, founded in 2014, isan enterprise platform that collects and processes real-time data streams.

It has pioneered a new category of data infrastructure designed to connect all the applications, systems, and data layers of a company around a real-time central nervous system.

Using the open-source "data in motion" software Apache Kafka, Confluent's platform can be deployed either as a fully-managed, cloud-native SaaS offering, or an enterprise-ready, self-managed software offering.

Fast-growing but unprofitable, the company had more than 2,500 customers as of March 2021, with a dollar-based net retention rate of 117%.

It went public in June 23th, 2021 and rose 25.06% in its market debut. As if November 10th, it has a market cap of $23.7 billion, with a listed-to-date return of 148.92%.