Abdul Latif Jameel holds almost 114 million shares in Rivian acquired through $303 million of loans made to the US company

Shares of Rivian are due to start trading in New York Wednesday at $78 each, valuing the company at about $76.4bn on a fully diluted basis.

A Saudi family that built its business on gasoline-fuelled cars is sitting on an almost $8.9 billion fortune after electric truck maker Rivian Automative Inc.’s initial public offering.

Abdul Latif Jameel, a Jeddah-based group named after its founder and today run by his sons, holds almost 114 million shares in Rivian acquired through $303 million of loans made to the US company, according to the sale prospectus.

Shares of Rivian are due to start trading in New York Wednesday at $78 each, valuing the company at about $76.4bn on a fully diluted basis.

Electric vehicle stocks have soared this year amid rising concern about climate change, improving battery technology and higher fuel costs. Tesla Inc. shares have jumped 45 percent.

The stake puts Abdul Atif Jameel alongside the biggest backers of Irvine, California-based Rivian, including Amazon.com Inc. and Ford Motor Co

Abdul Latif Jameel isn’t the only Saudi investor to benefit from an early investment in an electric-vehicle manufacturer. The kingdom’s sovereign wealth fund put $1bn into Lucid Group Inc. in 2018, followed by a further $600m this year as the firm went public through a merger with a special purpose acquisition company.

Tuesday’s offering raised about $11.9bn for Rivian, making it the biggest IPO this year. The truckmaker earlier marketed 135 million shares at $72 to $74 after elevating that range from $57 to $62, according to filings with the US Securities and Exchange Commission.

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