Investing.com -- Rivian Automotive's $1.2 billion stock offering attracted strong interest from large investors, with the top 10 participants acquiring 75% of available shares, according to a Bloomberg report Wednesday.

The offering received more orders than shares available. The largest 25 investors secured 95% of the shares in the offering.

Rivian priced 75 million shares at $15.50 each, representing a 23% discount to Monday's closing price of $20.14 before the marketing period began.

Goldman Sachs Group Inc., Allen & Co., Barclays Plc, JPMorgan Chase & Co., Morgan Stanley and Wells Fargo & Co. served as underwriters for the offering.

Shares of the electric vehicle maker traded more than 3% lower on Wednesday, extending prior losses.