Announcements
Rivian makes one of biggest global IPOs, valued at over $100bn
Published
3 years agoon
Rivian, an American electric automaker, has become a publicly traded company after making one of the biggest initial public offerings in history and the world’s largest in 2021.
With its Nasdaq debut, the company’s shares surged up to 53 per cent, giving it a market valuation of more than $100 billion.
Rivian shares started trading on the Nasdaq stock exchange Wednesday at around $78 per share and closed at $100.73, marking a nearly 30 per cent jump from its offering price. Having securities such as options and restricted stock units, Rivian’s fully valuation exceeded $106 billion at its debut price.
The initial public offering (IPO) allowed to generate to raise about $12 billion to fund growth, and that figure could rise to $13.7 billion if the full over-allotment of shares is exercised. This makes it the biggest U.S. IPO since Alibaba Group Holding Ltd went public in September 2014.
The Amazon-backed electric vehicle maker has also become the second most valuable U.S. automaker after Tesla Inc.
Rivian ranked ahead of General Motors at $86.05 billion, Ford Motor at $77.37 billion, and Lucid Group at $65.96 billion.
The electric vehicle maker witnessed a production issue after facing global supply-chain constraints due to the coronavirus pandemic and its impact on suppliers.
In an interview, Rivian Chief Executive R.J. Scaringe said that transition to a public company and the growth in its capital base enables the company to develop promising products and volume and growth in terms of new segments.
Rivian said in a filing that he will hold all outstanding Class B common shares after the IPO and get 10 votes per share.
Founded in 2009 as Mainstream Motors by Scaringe, the company was renamed in 2011 as Rivian, a name derived from “Indian River” in Florida.
Meanwhile, Wall Street’s biggest institutional investors are betting on Rivian to be the next big player in a sector dominated by Tesla.
Rivian has already received a little more than 55,000 pre-orders for its pricey electric pickup truck (the R1T) and SUV (the R1S). However, it ruled out their delivery until the end of 2023.
The Irvine, California-based company intends to make at least one million units a year by the end of the decade. It has a plant in Illinois, and has announced plans to open a second U.S. factory and eventually setting up production in China and Europe.
Announcements
UAE sends 90 metric tons of urgent relief supplies to Sudan
Published
5 days agoon
September 3, 2024By
SudhashreeOn the directions of Sheikh Mohammed bin Rashid Al Maktoum, Vice-President, Prime Minister of the UAE and Ruler of Dubai, the Dubai Humanitarian (DXB-H) has facilitated urgent relief supplies to Chad’s capital, Ndjamena, to support over 70,000 Sudanese people, alleviating their suffering and safeguarding lives in the region.
In a swift response to the escalating humanitarian crisis, a Boeing 747 cargo flight departed from Al Maktoum International Airport on Saturday, August 31, at 9:00 am carrying 90 metric tonnes of essential medical supplies, shelter materials, and relief items provided by the World Health Organisation (WHO) and the United Nations High Commissioner for Refugees (UNHCR). These critical resources are expected to support over 70,000 Sudanese people, alleviating their suffering and safeguarding lives in the region.
Announcements
Global Village announces opening date for Season 29
Published
5 days agoon
September 3, 2024By
SudhashreeSeason 29 of Global Village will kick off on October 16, 2024, the outdoor destination announced. The season will run until May 11, 2025. The popular destination remains closed during the summer months. This year, Global Village is expanding its offerings, featuring more cultural representations, never-before-seen entertainment, and exciting infrastructure upgrades.
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Visitors to the family-friendly destination can experience a diverse range of performances, shopping, and dining experiences from cultures around the world.
Opening more than 25 years ago, the destination set a new record of over 10 million visitors in its 28th season, the longest season to date, hosting 27 pavilions representing over 90 cultures from around the globe, as well as 3,500 shopping outlets and 250 dining options.
The destination is expecting millions of visitors from around the globe to gather for the park’s attractions during the upcoming season.
Announcements
Gaming meets speed: Ferrari launches first-ever esports arena in Abu Dhabi
Published
1 week agoon
September 1, 2024By
SudhashreeFerrari World Yas Island, Abu Dhabi’s acclaimed Ferrari-themed park, has once again redefined entertainment by launching the world’s first Ferrari-themed Esports Arena. This state-of-the-art venue is set to become the go-to destination for racing enthusiasts, Formula 1 aficionados, and thrill-seekers alike.
The newly unveiled Ferrari World Esports Arena features an impressive lineup of 20 Gran Turismo simulators, thoughtfully designed to cater to a broad audience. Fourteen simulators are dedicated to adult racers, while six are specifically designed for younger guests, creating a family-friendly atmosphere that welcomes visitors of all ages.
The arena also includes three specialised F1 simulators, offering participants the exhilarating experience of sitting in the driver’s seat of a Ferrari race car and racing on legendary F1 Grand Prix circuits, including the Yas Marina Circuit. Open daily from 10am to 6pm, the Ferrari World Esports Arena offers access to the Gran Turismo simulators as part of the theme park ticket until the end of the year. The exclusive F1 simulators are available for an additional fee, starting from Dh60 per race.