Rivian raises $10.5B to be one of the most popular IPOs in 2021
Rivian, an electric automaker, has priced its initial public offering for $78 per share. This is far more than the target share price. Investors jumped in to make this year's most anticipated IPO.
According to sources, the regulatory filing is still not posted but will be this evening. The WSJ reported the IPO pricing first, citing unnamed sources.
In a filing earlier in the month, the company, which is backed Amazon, stated that it would offer 135,000,000 shares at a price of between $57 and $62. The company also offered the option for underwriters to purchase up to 20.25 millions additional shares. Due to investor interest, the range was increased to $72 to $74
The IPO sale raised $10.5 million. Rivian's market cap was $66.5 billion. Rivian's market capital could reach $68.1 billion if the underwriters exercise these options.
Rivian's value is more than $77 Billion if the valuation is fully diluted.
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 indicating that it already owns more than 20% of Rivian.
