Electric vehicle startup Rivian hopes to raise up $8.4 billion in its initial public offering, according to a regulatory filing posted Monday.
The company, which is backed by Amazon, said in the filing that it plans to offer 135 million shares at a price between $57 and $62. Underwriters also have an option to buy up to 20.25 million additional shares. If underwriters exercise that option, Rivian would raise as much as $9.6 billion.
Based on the number of outstanding shares, that would put its market valuation at about $53 billion. If employee stock options and other restricted shares are considered, Rivian’s valuation could be as high as $60 billion.
Rivian filed October 1 to become a publicly traded company in the United States. The S-1 document did not disclose the targeted share price at the time. An amended document filed Monday provided the new information, which included interest from repeat backer Amazon and newcomer Blackstone in Rivian.
Amazon, funds and accounts advised by 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 indicated an interest in buying up to $5 billion of shares of our Class A common stock.
A recent filing by Amazon shows the e-commerce giant already holds a 20% stake in Rivian.
Rivian’s filing was been one of the most anticipated of the year; now attention has turned to its public debut on the Nasdaq exchange. Rivian will trade under the ticker symbol RIVN.
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