Rivian, the Amazon-backed electric vehicle maker, seeks to raise $8.4 billion in IPO
The California-based company’s filing indicates a targeted valuation of more than $53 billion based on outstanding shares
Rivian beats Tesla, Ford, GM to build first EV pickup
FoxNews.com automotive editor Gary Gastelu discusses the startup Rivian.
Amazon-backed electric car maker Rivian is seeking a valuation that would place it among the world’s most valuable automotive companies when it goes public in the coming days, according to an amended S-1 filing on Monday.
Rivian said it expects to offer 135 million shares of its Class A common stock priced between $57 and $62 per share. An additional 20.25 million shares will be made available to the IPO’s underwriters. Rivian could raise as much as $8.4 billion when it debuts if shares trade at the high end of its range, or a total of more than $9.6 billion if underwriters exercise their options.
The California-based company’s filing indicates a targeted valuation of more than $53 billion based on outstanding shares, though that number could change based on investor demand and market conditions. The Wall Street Journal reported Rivian is seeking a valuation of more than $60 billion.
ELON MUSK SAYS SPACEX IN TALKS TO PROVIDE STARLINK INTERNET FOR AIRLINES
Electric truck maker Rivian Automotive, which currently sources batteries from South Korean supplier Samsung SDI (006400.KS), plans to build battery cells in-house, its filing for a U.S. initial public offering showed on Friday. (Photo by Michael Bro
Rivian said it would make a portion of its shares available to retail investors through SoFi’s online brokerage platform. The company will trade on the NASDAQ exchange under the stock symbol "RIVN." Rivian is expected to begin public trading next week.
RJ Scaringe, founder and chief executive officer of Rivian Automotive Inc., unveils the R1T electric pickup truck, left, and R1S electric sports utility vehicle (SUV) during a reveal event at AutoMobility LA ahead of the Los Angeles Auto Show in Los (Getty Images)
With a strong debut, Rivian could earn a higher valuation than Honda, which is currently valued at roughly $53 billion. Ford Motor Company, which holds a stake in Rivian, is currently valued at roughly $71 billion, while General Motors is valued at roughly $80 billion.
Rivian said it expects to deliver approximately 1,000 of its R1T electric pickup trucks by the end of the year. Last month, the company said it lost nearly $1 billion through the first six months of the year.
GET FOX BUSINESS ON THE GO BY CLICKING HERE
Last month, Amazon disclosed it holds an approximately 20% stake in Rivian. The e-commerce giant has already contracted Rivian to provide 100,000 electric delivery vans by 2030.
