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Electric vehicle maker closed out its first day of trading at 29 percent above its initial public offering price, after an upsized IPO. The company raised around $12 billion through its IPO after pricing its shares at $78 apiece, above its previously stated range of between $72 and $74.听

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Rivian鈥檚 IPO is the largest of the year鈥攏o small feat for a basically pre-revenue company going public in a busy market. But Rivian鈥檚 deal with gives it a boost, as the e-commerce giant not only invested capital in Rivian, but pre-ordered 100,000 Rivian trucks.

Rivian鈥檚 partnership with Amazon likely fueled investor enthusiasm for the IPO, according to , founder and president of .听

Amazon, 鈥渃an have an outsized impact on their success just based on orders they make on their fleet,鈥� Healey said in an interview.

Rivian鈥檚 stock opened at $106.75 on Wednesday鈥攁bout 37 percent above its IPO price鈥攖rading on the Nasdaq under the ticker symbol RIVN. The company initially set an IPO price range of between $57 and $62.

鈥�From a company and an investment banker standpoint, this will have to be viewed as a successful IPO because they were able to raise the IPO price several times so they didn鈥檛 leave too much money on the table and the stock still relied on the first day and they traded up,鈥� Healey said.

Amazon, , and are among the biggest winners in Rivian鈥檚 IPO. The company raised around $10.5 billion in funding for investors before going public.

Rivian鈥檚 IPO comes as investors are bullish on the EV sector. That鈥檚 likely because of a series of public policy mandates that incentivize the adoption of electric vehicles, and the performance of so far this year.听

Illustration: Li-Anne Dias