Weeks after unveiling the industry’s first mass-production electric truck, American electric vehicle (“EV”) maker Rivian is poised for an initial public offering (“IPO”) on the NASDAQ stock exchange that could see it achieve a valuation of $53 billion. Documents filed with the Securities and Exchange Commission (“SEC”) in New York indicate that Rivian plans on issuing 135 million shares at $57 to $62 to raise $8.4 billion in capital. With a $53 billion valuation, Rivian would be more valuable than carmakers such as Kia and Nissan.
The California-based company has already had plenty of investor interest, attracting major players in the business world as initial backers. By July 2021, Rivian said that it had raised a total of $10 billion, with Amazon, Ford and T. Rowe Price investing significant funds. According to Rivian, Amazon has invested $1.345 billion for a 22% stake. Furthermore, the e-commerce giant recently bought convertible notes worth $490 million that will, under certain pricing conditions, convert to Class A shares after the initial…
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