Premarket stocks: Rivian is America’s biggest IPO since Facebook

What’s happening: The company priced its stock above the expected range at $78 apiece, allowing it to raise an estimated $11.9 billion. That’s the biggest haul for a US firm since Facebook brought in $16 billion in 2012.

The initial public offering is the largest globally of the year, and the 12th largest listing ever, according to data provider Refinitiv.

Shares started trading at $106.75, a 37% leap. That values Rivian at almost $93 billion, more than both General Motors, which has a market…

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