Rivian goals for as much as $54.6 billion valuation in upcoming IPO

Electrical automobile start-up Rivian Automotive is focusing on a market valuation of $54.6 billion in its upcoming preliminary public providing, in response to its revised prospectus filed on Monday.

The corporate mentioned it plans to supply 135 million shares priced between $57 and $62, with an possibility for underwriters to buy a further 20.25 million shares. On the excessive finish of that vary, Rivian would usher in about $9.6 billion at its market debut, assuming underwriters train that possibility.

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Nevertheless, these numbers could change based mostly on precise demand from traders earlier than the corporate goes public. Earlier on Monday, sources informed CNBC it desires a valuation of greater than $60 billion.

Rivian R1T Electrical Truck

Supply: Rivian

Rivian plans to go public subsequent week, sources acquainted with the matter confirmed to CNBC. In accordance with Rivian’s IPO prospectus filed final month, it plans to record on the Nasdaq beneath the ticker image “RIVN.”

In Monday’s submitting, Rivian mentioned that Amazon and T. Traders, together with Rowe Worth, have proven curiosity in shopping for as much as $5 billion in complete shares on the time of the IPO. The corporate mentioned it’ll additionally permit retail traders to purchase a portion of its IPO shares by means of SoFi’s on-line brokerage platform.

The valuation would make Rivian a titan amongst electrical automobile start-ups and up to date US public corporations, together with Fisker, Lordstown Motors and Lucid, and would put it on par with Chinese language electrical automobile maker Neo. It will additionally imply that Rivian is simply barely much less helpful than conventional automotive giants like Ford, which is an investor in Rivian; Stelantis, which was created by the merger of Fiat-Chrysler and PSA; and GM.

Learn extra about electrical autos from CNBC Professional

Rivian is growing business last-mile supply vans for Amazon, which it mentioned plans to have 10,000 vans on the street by 2022 and 100,000 by 2030. The Rivian beats Tesla, GM and Ford available in the market with an electrical pickup, the R1T. Which shortly acquired applause. The corporate talked about in its revised brochure that it has delivered 156 R1Ts by the tip of October, and plans to ship 1,000 by the tip of the 12 months.

Amazon revealed final week that it owns a 20% stake in Rivian, which mixed with different fairness investments was valued at as much as $3.8 billion. Amazon has to this point invested greater than $1.3 billion in Rivian, the automaker mentioned in a separate securities submitting earlier this month.

Sources had informed CNBC that Ford holds about 12% stake in Rivian.

watch: Amazon reveals it owns 20% stake in Rivian

Amazon reveals 20% stake in Rivian

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