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Bloomberg
Rivian Automotive Inc., the electric truck maker backed by Amazon.com Inc., is seeking to raise as much as $8.4 billion in an initial public offering that could give it a market value of as much as $53 billion.
Rivian said it plans to sell 135 million shares for $57 to $62 each, according to a filing Monday with the US Securities and Exchange Commission, reaching that value at the top of the range based on the outstanding shares listed in its filing.
Accounting for employee stock options and restricted stock units, the company’s fully diluted value would be closer to $60 billion. That compares with a valuation of $27.6 billion after a $2.65 billion funding round in January, Bloomberg News reported.
The listing would eclipse the June IPO by XPeng Inc. as the largest ever for an EV maker IPO. XPeng raised more than HK$16 billion ($2 billion) including so-called greenshoe shares in its Hong Kong IPO. Electric-vehicle leader Tesla Inc., with a current market value of $1.2 trillion, raised $260 million listing in 2010.
Rivian has attracted cornerstone investors that indicated interest in buying up to $5 billion of the IPO shares, its filing shows. That share deal will include participation from investors — current as well as new — including Amazon.com Inc., T. Rowe Price, Coatue Management, Franklin Templeton, Capital Research Global Investors, D1 Capital, Third Point Investors, Blackstone Inc., Dragoneer Investment Group and Soros Funds.
Irvine, California-based Rivian was seeking to be valued at about $80 billion in a listing, Bloomberg News reported in August when the company announced that it had filed confidentially for an IPO.