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


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© 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

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(Reuters) – Rivian Automotive Inc is an electric vehicle manufacturer that has been backed by Ford Motor (NYSE:) Co and Amazon.com 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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Mike Robinson
Mike covers the financial, utilities and biotechnology sectors for Street Register. He has been writing about investment and personal finance topics for almost 12 years. Mike has an MBA in Finance from Wake Forest University.