Rivian seeks $60 billion valuation in IPO | Enterprise

Startup electrical truck producer Rivian is looking for a valuation of about $60 billion in its forthcoming preliminary public providing, in accordance with a submitting Monday with the Securities and Alternate Fee.

Rivian is planning to supply 135 million shares of frequent inventory priced between $57 and $62 per share. The corporate could have 994 million whole shares excellent after the IPO, which might worth it at practically $62 billion on the prime finish of the pricing vary.

The inventory is predicted to start buying and selling on the Nasdaq below the ticker image RIVN this month, in accordance with the SEC submitting.

Rivian is constructing an electrical truck and SUV, in addition to 100,000 customized EV supply vans for Amazon, an investor within the firm. Rivian has raised about $10.5 billion from buyers since 2019, a roster that additionally contains Ford Motor Co. and T. Rowe Value, which valued the EV producer at $28 billion at first of the 12 months.

Amazon disclosed in an SEC submitting final week it owned a few 20{932d8cc0ad348a987a02ed4b38d63b5e1638a3275af95e56a5c772e4e9f57fcb} fairness stake in Rivian as of Sept. 30.

At $60 billion, Rivian’s valuation would rival each Ford, which has a $72 billion market cap, and Common Motors, which is valued at $81 billion.

Rivian nonetheless has an extended option to go to meet up with EV chief Tesla, which has a $1.2 trillion market cap as of Monday, after surpassing the $1 trillion valuation mark final week.

Rivian has generated important buzz with its inaugural fashions, which characteristic 300-plus miles of vary, go from zero to 60 mph in three seconds and begin at $73,000 for the R1T truck and $75,500 for the R1S SUV, offset by a $7,500 federal tax credit score for electrical automobiles. The primary vans rolled off the road in September, whereas the SUV is predicted to launch in December, in accordance with the IPO submitting.

As of Oct. 31, Rivian had obtained about 55,400 R1T and R1S preorders from clients who paid a refundable $1,000 deposit, in accordance with Monday’s IPO submitting. Rivian has reserved as much as 7{932d8cc0ad348a987a02ed4b38d63b5e1638a3275af95e56a5c772e4e9f57fcb} of the IPO shares for U.S. clients who had standing preorders as of Sep. 30.

The $73,000 launch version of the R1T is bought out, the corporate stated. However the Journey, which has comparable options and can also be priced at $73,000 earlier than the federal rebate, and the Discover, a barely extra utilitarian mannequin priced at $67,500, are due out in January.

Based in 2009, Rivian has 3,136 workers working at its Illinois manufacturing facility, a transformed Mitsubishi plant in Regular, a university city about 130 miles south of Chicago. The corporate, which is headquartered in Irvine, California, has about 9,000 workers general.

The Regular plant can produce as much as 150,000 automobiles yearly, with enlargement plans enabling it to ramp as much as 200,000 automobiles by 2023, in accordance with the IPO submitting.