Ultimate magazine theme for WordPress.

Rivian increases IPO price range and could now be worth up to $ 65 billion

RJ Scaringe, founder and chief executive officer of Rivian Automotive Inc., introduces the R1T Electric Pickup (left) and R1S Electric Sports Utility Vehicle (SUV) during a unveiling ceremony at AutoMobility LA prior to the Los Angeles Auto Show in Los Angeles. California.

Bloomberg | Bloomberg | Getty Images

The electric car start-up Rivian Automotive raised the expected IPO of its shares on Friday.

Rivian now plans to offer 135 million shares at a price between $ 72 and $ 74, up from $ 57 to $ 62, according to an updated securities file. At the high end of this current range, assuming the underwriters exercise an option to purchase an additional 20.25 million shares, Rivian would be worth more than $ 65 billion.

Rivian, which is backed by Amazon and Ford, plans to go public as early as next week, sources previously told CNBC. According to Rivian’s IPO prospectus filed last month, it is planned to be listed on the Nasdaq under the ticker symbol “RIVN”.

The high valuation would mean Rivian is worth only marginally less than traditional automotive giants like GM and Ford, which own more than a 5% stake in Rivian. The company has never generated significant revenue and, according to its records, expects revenue to reach a maximum of $ 1 million for the quarter ended September 30th. It lost $ 994 million in the first six months of the year.

It would also make Rivian the titan among a number of electric vehicle startups and recently listed US companies including Fisker, Lordstown Motors, and Lucid, equating it with Chinese electric vehicle maker Nio.

Rivian develops last-mile commercial vans for Amazon and recently started production of its highly anticipated R1T electric pickup truck. Rivian announced in an amended securities filing last week that it plans to ship 1,000 R1Ts by the end of the year.

On Thursday, a former female Rivian executive announced in a gender discrimination lawsuit filed against the company that she had raised concerns to top executives about the company’s “ability to deliver on its promises to investors.” Senior management, Laura Schwab, claimed these concerns had been rejected along with complaints that female employees were being excluded from critical meetings and marginalized.

A Rivian spokesman previously declined to comment on Schwab’s lawsuit and allegations.

SEE: Amazon announces that it has a 20% stake in Rivian

Comments are closed.

%d bloggers like this: