Rivian seeks to raise $8.4 billion in  IP

According to a regulatory filing filed on Monday, the E-vehicle startup Rivian is looking to raise $8.4 billion in its IPO, making it the third-largest initial public offering in the United States in terms of funds raised in the last decade.

From the filing, the business, which is backed by Amazon, aims to sell 135 million shares at a price range of $57 and $62. Additionally, underwriters have the opportunity to purchase up to 20.25 million additional shares. Rivian might raise up to $9.6 billion if underwriters take that option.

Based on the percentage of outstanding shares, the company’s market valuation is estimated to be $53 billion. Rivian’s valuation could be as high as $60 billion if employee stock options and other restricted shares are considered.

On October 1, Rivian filed to become a publicly traded corporation in the United States. The target share price was not disclosed in the S-1 document at the time. The additional information was disclosed in a revised filing filed on Monday, which contained interest in Rivian from both old investor Amazon and newcomer Blackstone.

Amazon, T. Rowe Price Associates, Coatue Management, Franklin Templeton, Capital Research Global Investors, D1 Capital Partners LP, Third Point LLC, funds affiliated with Blackstone Alternative Asset Management, Dragoneer Investment Group LLC, and certain entities affiliated with Soros Fund Management LLC have expressed interest in purchasing up to $5 billion in shares of class A common stock.

Per a recent filing by Amazon, the e-commerce giant currently owns a 20% investment in Rivian and has bought 100,000 of its electric delivery trucks as part of its aim of minimizing its co₂ emissions.

Rivian’s IPO was one of the most anticipated of the year, and now all eyes are on its public debut on the Nasdaq exchange. Rivian will trade under the ticker sign RIVN.

Brandy Fietsop
Brandy is a contributor at The Volter and she is a passionate writer.

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