Photo: Motortrend
As Ford and Amazon-backed Rivian has planned for an initial public offering (IPO) of around $50 billion USD since February, the company has officially announced plans to offer up shares, expected to outsell the initial estimates.
Rivian is shooting for a target of $54.6 billion USD in market valuation for its upcoming IPO, offering 135 million shares, according to CNBC.
Depending on how the offer turns out, the company could sell the shares for between $57 and $62 each, also offering underwriters the ability to buy an additional 20.25 million shares – potentially raising around $9.6 billion USD upon market debut.
Still, the numbers aren’t set in stone until the company actually goes public, following the filing on Monday.
First Rivian R1T Electric Truck Deliveries Take Place https://t.co/ihPTpSLPwi
— TeslaNorth.com (@RealTeslaNorth) October 24, 2021
Last week, a filing revealed that Amazon owns a 20 percent stake in Rivian, with a value of up to $3.8 billion USD, with the company investing an additional $1.3 billion USD into Rivian thus far.
In addition, Ford holds around a 12 percent stake in Rivian, according to other sources.
An IPO filing last month revealed Rivian’s plans to manufacture battery cells in-house.
Amazon also announced plans to deploy and test Rivian-made Amazon Prime vans in 15 U.S. cities this year, while also planning to get 10,000 vans on the road by 2022, with 100,000 on the road by 2030.
