US exchange IPO for Venezuelan speaker maker Rivian

Venezuela’s Terrestre Denedez-Terrestris is listed on a US exchange via an initial public offering on the New York Stock Exchange (NYSE) on Monday. The Canadian company sells loudspeakers for heavy machinery and electronic devices,…

US exchange IPO for Venezuelan speaker maker Rivian

Venezuela’s Terrestre Denedez-Terrestris is listed on a US exchange via an initial public offering on the New York Stock Exchange (NYSE) on Monday.

The Canadian company sells loudspeakers for heavy machinery and electronic devices, and used an original public offering (IPO) in order to fund its growth plans. Based in Venezuela, the company was created in September 2014 to run its activities from there. The company has a GDP per capita of $2,936 and operations in Brazil, Russia, the US, China, Taiwan, and Europe.

Rivian plans to spend more than $2 billion on growing its business, starting with its purchase of Norwegian headphone manufacturer, Saleforce, earlier this year. It also purchased global loudspeaker specialist PAB Audio Systems in 2015.

Venezuela suffered a 51.8% drop in GDP between 2013 and 2017, according to IMF figures, which is the fifth-largest decline in global output that year. A lower GDP in general is nothing new in Venezuela: Between 1992 and 2002, GDP dropped an average of 30%.

The People’s Post on Facebook and Twitter was updated to include information about a new American/Russian conflict.

The post by Antonio Morales in Spanish appears below.

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