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EV startup Rivian, backed by Amazon and Ford, targets over $53 billion valuation in IPO -Breaking


© Reuters. FILE PHOTO Rivian unveils the all-electric R1T pickup truck at Los Angeles Auto Show, Los Angeles, California (USA), November 27, 2018. REUTERS/Mike Blake


(Reuters) – Rivian Automotive Inc is an electric vehicle manufacturer that has been backed by Ford Motor (NYSE:) Co and Inc (NASDAQ:). It stated Monday that it was aiming for a more than $53 Billion valuation in its first public offering in America.

Last month, the company reported nearly $1B in losses, and it said that 135,000,000 shares will be sold at prices between $57 to $62 per share.

The IPO at the high end will be worth more than $8Billion.

Morgan Stanley J.P. Morgan, Goldman Sachs (NYSE 🙂 and Goldman Sachs are the leading underwriters. Rivian’s stock will be listed on Nasdaq as “RIVN”.

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