Electric vehicle-maker Rivian Automotive Inc. priced shares in its initial public offering at $78 apiece to raise about $11.9 billion, according to people familiar with the matter.

Eleven years after Tesla Inc. went public with a market value of less than $2 billion, one of its most closely watched competitors is following in its tire treads with a much richer valuation.

Until June last year, Tesla Inc. was the only dedicated electric carmaker based in the U.S. on the stock market. Then special purpose acquisition companies took over Wall Street.