EV startup, Rivian Automotive, announces a raise in the price range of their initial public offering to see the company’s worth going as high as $65 billion
Electric vehicle start-up Rivian Automotive has recently raised the expected IPO price of its shares following an announcement on Friday. Reports have it that Rivian is now planning to offer 135 million shares priced between $72 and $74, up from $57 to $62, according to an updated securities filing.
Rivian could be worth over $65 billion at the top end of the current price range, assuming underwriters exercise an option to purchase 20.25 million additional shares. Rivian has grown in popularity, especially following the backing of Amazon and Ford, with plans to go public in the coming days, according to sources close to the startup. There are also plans to list on the Nasdaq under the ticker symbol “RIVN,” based on Rivian’s IPO prospectus filed in October.
The rich valuation would see Rivian ranking slightly below traditional automotive giants such as GM and Ford, which holds a stake greater than 5% in Rivian. The company has never recorded any material revenue and expects at most to generate $1 million in revenue in the quarter ended Sept. 30, according to its filings, losing $994 million in the first six months of the year.
Rivian would also become the titan among its contemporaries of EV start-ups and recently public companies from the U.S., including Fisker, Lordstown Motors and Lucid. It could also put it on the same level as Chinese electric vehicle maker Nio.
Rivian is currently in the development of last-mile commercial delivery vans for Amazon and recently began production on its highly anticipated electric pickup, the R1T. Rivian recently disclosed in an amended securities filing the plans to deliver 1,000 R1Ts by the end of the year.
For more information about the Rivian IPO and public offerings, visit – https://willowstreamcapital.com/.
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