Rivian announced on Wednesday its upsized initial public offering of 153,000,000 shares of Class A common stock was set at $78 per share, raising $11.93 billion for the company.
The electric automaker backed by the likes of Amazon and Ford, is set to trade under the ticker symbol “RIVN” on the Nasdaq today. The offering is set to close on November 15, 2021.
Rivian says it has also granted underwriters a 30-day option to buy up to an additional 22,950,000 shares of Class A common stock at the initial public offering price.
“To build the kind of future our kids and our kids’ kids deserve, extraordinary steps must be taken to stop the carbonization of our atmosphere and preserve our natural ecosystems. Over the next two decades we need to completely transform our planet’s transportation and energy systems, and today marks an important step in that journey,” said Rivian CEO, RJ Scaringe, in a statement to Tesla North.
Rivian’s market cap is set to exceed $100 billion, as shares are showing an opening price of $121-122 per share.
BREAKING: Rivian shares are now indicating an open of $121-$122 per share, giving it a market cap above $100 Billion. pic.twitter.com/SAqLkiA7Tq
— Sawyer Merritt (@SawyerMerritt) November 10, 2021
Scaringe told Reuters the company aims to be building 1 million cars by 2030, supported by four factories around the globe. “We better be growing at least that quick; certainly before the end of the decade is how we think about it,” said Scaringe.
The Rivian CEO also noted its Illinois plant building Amazon’s delivery vans, is also designed to make other cars as well.
“We’ve designed the line to have head room above and beyond Amazon’s needs,” added Scaringe. “That’s what allows us to go into some of these other spaces within the commercial van space.”
Rivian delivered its first vehicles to employees last month and is expected to produce 1,200 vehicles by the end of 2021 at its factory in Normal, Illinois, which has a capacity of producing 150,000 cars per year. That number is expected to grow to 200,000 by 2023, as more Rivian models are produced.
