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Rivian Automotive shares rises on its market debut in the year's largest IPO.

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Rivian Automotive shares rises on its market debut in the year’s largest IPO.

Rivian priced its IPO late Tuesday at $78, and the stock traded for the first time at $106.75.

Rivian Automotive shares rises on its market debut in the year's largest IPO.

Rivian Automotive shares rises on its market debut in the year's largest IPO.

Rivian Automotive shares rises on its market debut in the year’s largest IPO.

Rivian priced its IPO late Tuesday at $78, and the stock traded for the first time at $106.75.Rivian Automotive Inc. went public with a boom on Wednesday, in the biggest IPO of the year and the sixth largest IPO in the United States by offer size in almost 30 years.

Rivian RIVN, +26.34 percent priced its initial public offering late Tuesday at $78, significantly above the estimated range of $72 to $74 per share, which had been raised from a previous range of $57 to $62 per share. Rivian has upped the amount of the offering from 135 million to 153 million shares. The firm raised $11.9 billion.

Also see: 5 Things to Know About Rivian

At 1 p.m. Eastern, the stock traded for $106.75 per share, or 36.9 percent more than the IPO price. It has now extended its gains, trading at $108.00, up 38.5 percent.

Rivian, which has received funding from Amazon.com Inc. AMZN, -2.43 percent, Ford Motor Co. F, -4.36 percent, and T. Rowe Price TROW, -2.93 percent, hopes to carve a place for itself by producing all-electric pickup trucks and SUVs, which have been popular among Americans for decades.

Rivian Automotive shares rises on its market debut in the year's largest IPO.
Rivian Automotive shares rises on its market debut in the year’s largest IPO.

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More electric pickup trucks are on their way to the market. Who is going to buy them?

In September, the automaker began selling a limited quantity of its R1T, a two-row, five-seat pickup truck. It intends to release an SUV, the R1S, in December. Sales of the truck and SUV are projected to pick up in December and January. Rivian’s cars are marketed as “electric adventure vehicles,” with costs starting in the mid $70,000s.

Rivian also intends to manufacture electric delivery trucks for Amazon and to establish its own charging network.

According to Jessica Caldwell, an analyst with Edmunds, one of the most difficult challenges for Rivian to overcome is the pricing of its automobiles. According to her, the electric pickup truck worked roughly as expected in a recent test.

It also has the benefit of being the first to market, with Ford intending to release an electric version of its famed F-150 next year and Tesla Inc. TSLA, +1.05 percent Cybertruck going into production next year and reaching commercial production by 2023.

However, “the long-term volume estimates for a $70,000+ midsize truck aren’t particularly high,” according to Caldwell.

Rivian will face competition from the larger, cheaper Ford F-150 Lightning when it becomes available, and the fight will heat up as General Motors Co. GM, +0.80 percent is scheduled to show its all-electric Silverado at CES next year, she added.

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Rivian Automotive stock soars in trading debut, in the largest IPO of the year

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