London-listed Third Point Investors Limited (TPIL) has successfully completed the initial public offering of its portfolio holding Rivian Automotive Inc, it announced on Thursday (11 November).
Third Point's flagship hedge funds first invested $10m in the electric car maker at the start of the year, followed by a further $167m in the company's convertible note financing in July. Upon listing on the Nasdaq stock exchange on 10 November, Rivian raised around $12bn with an offering price of $78 per share. Rivian, led by CEO RJ Scaringe, develops electric vehicles, products and services related to sustainable transportation. AVI calls on Third Point shareholders to ditch director Third Point chief executive Daniel Loeb said in the firm's quarterly letter: "A car enthusiast...
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