Rivian, the Amazon-backed electric vehicle maker, seeks to raise $8.4 billion in IPO
Rivian beats Tesla, Ford, GM to build first EV pickup
FoxNews.com automotive editor Gary Gastelu discusses the startup Rivian.
Amazon-backed electric car maker Rivian is seeking a valuation that would place it among the world’s most valuable automotive companies when it goes public in the coming days, according to an amended S-1 filing on Monday.
Rivian said it expects to offer 135 million shares of its Class A common stock priced between $57 and $62 per share. An additional 20.25 million shares will be made available to the IPO’s underwriters. Rivian could raise as much as $8.4 billion when it debuts if shares trade at the high end of its range, or a total of more than $9.6 billion if underwriters exercise their options.
The California-based company’s filing indicates a targeted valuation of more than $53 billion based on outstanding shares, though that number could change based on investor demand and market conditions. The Wall Street Journal reported Rivian is seeking a valuation of more than $60 billion.
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