A maker of electric vehicless Rivian, backed by Amazon, sold shares in its initial public offering (IPO) for $78 each, above the estimated range, to raise about $10.5 billion, according to people familiar with the matter.
The IPO gives a Rivian valuation of about $66.5 billion. The listing is among the top 10 of all times in the USA, according to data from Dealogic.
The company sold 135 million shares, sources said, requesting anonymity. On Friday, the Rivian had raised its price range to $72 to $74 a share, from its previous $57 to $62 a share.
Founded in 2009, a Rivian has invested heavily to increase production. It’s doubling production on its all-electric R1T pickup, launched in September.
To manufacturer of eletric cars had about 55,400 pre-orders for R1T and R1S in the US and Canada as of Oct. 31, according to a recent document.
Rivian said it started as deliveries from R1T and reported revenue for the quarter ended Sept. 30. The net loss in this period, however, should increase due to higher production costs.
A Amazon, which turned out to have a share of about 20% in Rivian, ordered 100,000 Rivian electric delivery vans as part of the e-commerce company’s broader effort to reduce its carbon footprint.
Rivian will hear its shares on Nasdaq under the symbol “RIVN” on Wednesday.
Reference: CNN Brasil
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