IPOs

The to-do list for the electric-vehicle maker will be funded in part by its IPO -- the sixth-largest in U.S. history. Rivian shares soared 22% Thursday in their second day of trading, creating a stock-market value of more than $100 billion. Two months after delivering its first pickups, largely to employees, Rivian now has a market valuation exceeding that of General Motors Co.

The shares will be priced in a range of C$19 to C$22 apiece and will be listed on the Toronto Stock Exchange under the symbol “DFY,” Waterloo, Ontario-based Definity said in a statement Monday.

The funding round was led by AIA Insurance Inc. as Tiki looks to expand into life insurance and plans a U.S. initial public offering.

Lemonade Car, a telematics auto insurance product, is now live in Illinois and will roll out across the U.S. soon.

The company sold as much as 162 million new shares, at 120 rubles each in Moscow, it said in a statement. The sale values the insurance group, controlled by investors led by Boris Jordan, at 66.8 billion rubles. The stake was smaller than initially planned, when the company said it could raise up to 25.2 billion rubles.

Renaissance Insurance, Russia’s largest online policy provider, is trawling the country’s traditional insurers for acquisition targets as it prepares for a possible initial public offering.

Kotak Mahindra Capital Co., JM Financial Ltd., Citigroup Inc. and Nomura Holdings Inc. are also on the shortlist, based on their technical and financial bids, after 16 investment banks presented their pitches to the government on Thursday, the people said, asking not to be identified because the information isn’t public.

Allowing FDI in LIC would permit so-called strategic investors such as massive pension funds or insurance firms to participate in the initial public offering, which is slated to be India’s largest ever.

The owner of the SoftBank Group Corp.-backed startup has submitted initial documents with the market regulator for what would be the third-largest Indian debut of 2021.

The inevitable cancellation of the takeover transaction by China Oceanwide means Genworth will be spinning out a portion of its U.S. mortgage insurance business.