Rivian Targets $60 Billion Valuation in Massive $8.4 Billion IPO
Amazon-backed electric vehicle maker Rivian aims to raise up to $8.4 billion through an initial public offering on the Nasdaq exchange. The highly anticipated public debut puts the company's potential valuation as high as $60 billion.
Electric vehicle startup Rivian aims to raise up to $8.4 billion in its initial public offering as it prepares to debut on the Nasdaq exchange under the ticker symbol RIVN. The company plans to offer 135 million shares priced between $57 and $62, with underwriters holding an option to purchase an additional 20.25 million shares to potentially push the total raised to $9.6 billion.
Based on outstanding shares, the IPO puts Rivian's market valuation at approximately $53 billion, but this figure rises to as high as $60 billion when factoring in employee stock options and restricted shares. Major investors show strong confidence in the Amazon-backed company, with Amazon, Blackstone, T. Rowe Price, and Soros Fund Management indicating interest in purchasing up to $5 billion in Class A common stock.
Amazon currently holds a 20% stake in the EV manufacturer, highlighting a deep existing relationship ahead of this highly anticipated public offering. As one of the most closely watched stock market debuts of the year, Rivian officially transitions from a private startup to a publicly traded entity as it seeks capital to scale its electric truck and delivery van production.