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(SOFI), Amazon.com, Inc. (NASDAQ: AMZN) – Looking to get early on in Rivian’s IPO? SoFi offers customers early access

A fintech company that works with a Chamath Palih -itiya SPAC offers early access to one of the most highly anticipated IPOs in 2021.

What h -pened: Electric vehicle manufacturer Rivian is about to go public, where it will sell stocks in the $ 57-62 range. The company plans to sell 135 million shares and raise over $ 8 billion. Rivian could be valued at over $ 54 billion when it went public.

Rivian is a well-known brand in the electric vehicle space and could see strong demand after its IPO.

The company counts Amazon.com Inc (NASDAQ: AMZN) and Ford Motor Co (NYSE: F) as investors who own 20% and 12% of the company, respectively.

Rivian’s shares are listed on the Nasdaq under the symbol “RIVN”.

Get Early Access: SoFi Technologies Inc (NASDAQ: SOFI) offers its customers early access to Rivian’s IPO.

“In addition, we currently anticipate that up to 0.5% of the Class A common shares being offered here will be offered to retail investors via SoFi Securities LLC through its online brokerage platform at our request,” said Rivian in his IPO filing .

Based on an IPO of 135 million shares, SoFi will offer its customers up to 675,000 Rivian shares.

SoFi started its IPO offering program at the beginning of the year and gave customers early access to several IPOs.

Four Palih -itiya biotechnology-focused SPACs were given early access to SoFi customers.

SoFi ended the second quarter with 2.56 million members, 113% more than last year. This was the eighth consecutive quarter of membership growth. The company reported sales of $ 231.3 million, up 101% over the previous year.

SoFi will announce third quarter results on November 10th and provide an update on revenue and membership numbers. The company could also report how successful early access IPOs have been and how Rivian demand has been.

Related link: SoFi merges with Palih -itiya-supported IPOE SPAC

Rivian’s growth: Rivian produced 100 Rivian R1T electric pickup trucks in October. The company plans to produce and deliver over 1,000 electric vehicles by the end of the year.

Pre-orders for Rivian vehicles have increased, according to InsideEVs. Rivian had 48,390 reservations for the R1T and R1S in September. This total reached 55,400 in October, an increase of 15% compared to the previous month. Pre-orders are based on anyone who has deposited a fully refundable $ 1,000 security deposit on a vehicle.

The current pre-orders will fill the company’s backlog through 2023.

The company plans to be able to produce up to 150,000 vehicles annually by 2024. An update of this c -acity would increase the production c -acity to 200,000 vehicles annually.

Rivian has signed a contract with Amazon for 100,000 IT vans by 2025.

Price action: SOFI stock was up 1% to $ 22.95 at the time of writing.

Disclosure: The author is long in SOFI stocks.

Photo: Courtesy of Rivian

© 2021 Benzinga.com. Benzinga does not offer investment advice. All rights reserved.

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