EV maker Rivian Automotive (RNVN  ) made its public debut today and closed with a valuation of over $100 billion. Overall, shares closed 29% higher but were up as much as 53% at one point during the day.

The IPO is the largest in 2021 and is remarkable in some ways as Rivian already has a higher valuation than legacy auto companies like Ford (F  ) and General Motors (GM  ) who are already producing and selling millions of cars a year, while Rivian has yet to completely launch.

However, Rivian's prototypes have been lauded for their design, cost, and performance especially as its offering in the form of SUVs and pickup trucks is unique from current models. The consensus seems to be that Rivian will become the second-largest EV company after Tesla (TSLA  ).

Rivian's IPO was led by Morgan Stanley (MS  ), JPMorgan (JPM  ), and Goldman Sachs (GS  ). The stock was trading around $78 in the private markets but opened at $106.75. It got as high as $119.46 before closing at $100.73.

Rivian's debut coincides with the second wave of EV strength which is following the approval of the infrastructure package which includes up to $12,000 in credits for an EV purchase.

Rivian will raise $12 billion through its IPO, and it will use the proceeds for product development and growth in new segments according to the company. Some institutional investors that are holders include T. Rowe Price and BlackRock (BLK  ). Amazon (AMZN  ) is another major shareholder with a 20% stake. Ford owns 12% of the company.

Rivian's major focus is on increasing production and doubling down on its upscale all-electric R1T pickup truck, which it launched in September. The company is also planning to release a SUV and delivery van over the next year.

The company aims to produce 1 million vehicles a year by the end of the decade. It has one facility in Illinois and is looking to open more facilities in the U.S. and in Europe and China.