Amazon-backed EV maker Rivian looking to raise USD 8.4 billion in IPO

Electric vehicle maker Rivian, which is backed by Amazon, is seeking to raise at least USD 8.4 billion in its initial public offering, as per a regulatory filing posted recently.

The company stated that it intends to offer around 135 million shares at a price range between USD 57 and USD 62, with underwriters also having a choice to buy around 20.25 million additional shares. If all goes well, Rivian could potentially secure nearly USD 9.6 billion.

The number of outstanding shares would take its market valuation to over USD 53 billion. If employee stock options as well as other restricted shares are included, the company’s valuation could be over USD 60 billion.

For those unaware, Rivian had filed to turn into a publicly traded company in the U.S on October 1. However, the S-1 document did not reveal the targeted share price at that time.

An amended document that was filed sometime later provided the updated information, that comprised interest from the existing investor Amazon as well as the newcomer Blackstone in Rivian.

Amazon, funds and accounts advised by Coatue Management, T. Rowe Price Associates, Franklin Templeton, D1 Capital Partners LP, Capital Research Global Investors, Third Point LLC, Dragoneer Investment Group LLC, funds associated with Blackstone Alternative Asset Management, along with some other entities associated with Soros Fund Management LLC have showed an interest in purchasing over USD 5 billion of shares of Class A common stock.

Speaking of Amazon, a recent filing indicates that the e-commerce company already possesses a 20% stake in Rivian. The EV maker’s filing has been eagerly awaited this year and now attention has shifted to its public debut on the Nasdaq exchange.

Rivian will trade under RIVN as its ticker symbol.

Source Credits:

https://techcrunch.com/2021/11/01/electric-vehicle-maker-rivian-seeks-to-raise-8-4-billion-in-ipo/