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EV maker Rivian prices IPO above range to raise over $10 billion -sources -Breaking

by Mike Robinson

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© Reuters. FILE PHOTO – Rivian’s CEO R.J. Scaringe (35 years old) introduces the R1T all electric pickup truck to his customers at Los Angeles Auto Show, Los Angeles, California. November 27, 2018. REUTERS/Mike Blake/File photo

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Echo Wang and Anirban Sin

NEW YORK, (Reuters) – Rivian, an Amazon-backed EV manufacturer, sold shares at $78 per share in its initial public offer (IPO), to raise more than $10 billion. This was above the target range of its target range.

Rivian is valued at $66.5 million. Dealogic data shows that the raise was the largest for an IPO ever held in the United States.

Rivian’s value will exceed $77 billion if it is fully diluted.

Rivian bought 135 million shares for $78 per share according to the sources. The source requested anonymity because the discussions are confidential.

Rivian has increased its range from $57 to $62 per share to $72-$74 on Friday.

Rivian didn’t immediately reply to my request for comment.

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