Business & Investment

EV maker Rivian raises more than $ 10 billion beyond IPO prices-Reuters sources

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© Reuters. File Photo: Rivian’s 35-year-old CEO, RJ Scaringe, will showcase his company’s R1T all-electric pickup truck at the Los Angeles Auto Show on November 27, 2018 in Los Angeles, CA. REUTERS / MikeBlake / File Photo

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By Echo Wang and Anirban Sen

New York (Reuters)-Amazon-backed electric vehicle (EV) maker Rivian said it sold its initial public offering (IPO) shares for $ 78 per share, surpassing its target range and raising about $ 10.5 billion. , People familiar with the matter said on Tuesday. ..

The IPO gives Rivian a valuation of approximately $ 66.5 billion. According to Dealogic data, levitation ranks among the top 10 IPOs to date in the United States.

On a fully diluted basis, Rivian is valued at over $ 77 billion.

Rivian has set a price of 135 million shares at $ 78 per share, sources said. On Friday, Libyan raised its price range from the previous range of $ 57 to $ 62 per share to $ 72 to $ 74 per share.

Rivian did not immediately respond to the request for comment.

The giant IPO follows last week’s hugely successful investor roadshow, with Wall Street’s largest institutional investors betting that Libyan will be the next big player in the Tesla (NASDAQ :) -dominated sector.

The EV market is experiencing a surge in global demand as consumers are betting on more environmentally friendly and environmentally friendly vehicles. Tesla produced a record number of cars in the latest quarter and is building factories around the world.

Founded in 2009, Rivian has invested heavily in increasing production. Doubled production of high-end all-electric R1T pickup trucks released in September.

According to a recent regulatory filing, EV manufacturers are pre-ordering approximately 55,400 R1T and R1S in the US and Canada as of October 31st.

Rivian said it began delivering the R1T and recorded revenue in the three months to September 30. However, the net loss during that period is estimated to increase due to rising production costs.

Amazon (NASDAQ :), which recently revealed that it holds about 20% of Rivian’s stake, is part of an extensive effort by e-commerce companies to reduce carbon dioxide emissions for Rivian’s electricity delivery. I ordered 100,000 vans.

Rivian will be listed on Nasdaq on Wednesday under the “RIVN” symbol.

Morgan Stanley (NYSE :), Goldman Sachs (NYSE :) and JP Morgan are lead underwriters for this offering.

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EV maker Rivian raises more than $ 10 billion beyond IPO prices-Reuters sources

https://www.investing.com/news/stock-market-news/ev-maker-rivian-prices-ipo-above-range-to-raise-over-10-billion-sources-2674238 EV maker Rivian raises more than $ 10 billion beyond IPO prices-Reuters sources

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