Electric vehicle company Rivian Automotive is preparing for an initial public offering (IPO). The company is aiming for a valuation of $ 54.6 billion, and in the best case scenario, the amount could rise to $ 60 billion. The startup said it plans to offer 135 million shares at prices ranging from $ 57 to $ 62, with the option for underwriters to purchase up to 20.25 million additional shares.
The company is reportedly planning to go public on the Nasdaq next week under the ticker RIVN. Rivian said its investors, including Amazon and T. Rowe Price, have expressed interest in buying up to $ 5 billion in shares. The company will also offer retail investors access to buy a portion of its shares through the SoFi brokerage platform.
The company is investing heavily in ramping up production, including the production of its high-end all-electric R1T pickup truck, which launched in September. The company received significant funding, including $ 700 million from Amazon in 2019 and $ 500 million from Ford in April 2019. The company recently managed to raise another $ 2.65 billion from T. Rowe and the Amazon Climate Pledge Fund.
Earlier this year, Amazon announced the purchase of 100,000 delivery vans to be produced by Rivian through the Climate Pledge. Amazon’s new delivery vans are already operational in select regions of the US.
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