According to Monday's regulatory filing, Rivian, an electric vehicle startup, hopes to raise $8.4 billion through its initial public offering.
Amazon backs the company. The filing stated that 135 million shares will be offered at prices between $57 and $62. The underwriters have the option to purchase up to 20.25 millions additional shares. Rivian could raise up to $9.6 billion if underwriters exercise this option.
The market value of Rivians would be approximately $53 billion based on its outstanding shares. Rivians' valuation could rise to $60 billion if you include employee stock options, restricted shares, and other shares.
Rivian applied October 1st to be a publicly traded company within the United States. The target share price was not disclosed in the S-1 document. Monday's amended document provided additional information. It included new interest from Amazon, a repeat backer, and Blackstone in Rivian.
Amazon, funds and accounts advised T. Rowe Price Associates by Franklin Templeton and Capital Research Global Investors, D1 Capital Partners LP and Third Point LLC are interested in purchasing up to $5 billion worth of Class A common stock.
Amazon has filed a recent filing showing that it already owns a 20% stake at Rivian.
Rivians' filing was one of the most anticipated events of the year. Now attention is turning to its public debut on Nasdaq. Rivian will trade as RIVN under the ticker symbol.
