Rivian raises IPO price range and could now be worth up to $65 billion
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Rivian’s founder and chief executive officer, RJ Scaringe unveiled the R1T and R1S electric pickup trucks (SUV) at an AutoMobility LA event. The reveal was held ahead of the Los Angeles Auto Show.
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Rivian Automobile, a start-up in electric vehicles, increased the anticipated IPO price for its shares Friday.
Rivian plans to sell 135,000,000 shares at $72 to $74, an increase of $57 to $62, as per the company’s website an updated securities filing. Rivian, if the underwriters have an option to buy 20.25 millions additional shares, would reach a maximum value of $65 billion.
Rivian is supported by AmazonSources say Ford and Ford are planning to make their public debut as early as next week. previously told CNBC. Rivian claims that the company plans to list its shares on Nasdaq with the ticker symbol RIVN. IPO prospectus filed last month
Rivian’s rich valuation means Rivian would be slightly more valuable than other automotive giants such as GMAnd FordWhich? holds a stake greater than 5% in RivianIt is. According to the filings, it hasn’t recorded any revenue material and only expects to make $1 million in revenues in the September 30th quarter. In the first six months, it lost $994million.
Rivian would be the titan of a new crop of American electric car start-ups, and recently listed companies. Fisker Lordstown Motors and Lucid, and would put it on par with Chinese electric vehicle maker Nio
Rivian is currently developing Amazon’s last-mile delivery vans and has just begun manufacturing the much anticipated R1T, an electric pickup. Rivian revealed last week that 1,000 R1Ts will be delivered by Rivian before the year ends in an amended Securities filing.
Rivian will host a female former executive on Thursday revealed in a gender discrimination lawsuitShe filed a complaint against the company, stating that she was concerned about the company’s ability to “deliver on its promises to shareholders” to the top executives. Laura Schwab (executive) claimed that these concerns were ignored along with the complaints about female employees being excluded from critical meetings and marginalized.
Rivian spokeswoman previously refused to speak on Schwab’s allegations and lawsuit.
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