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Electrical car start-up Rivian Automotive is focusing on a market valuation of as a lot as $54.6 billion in its upcoming preliminary public providing, in keeping with its amended prospectus filed Monday.
The corporate stated it plans to supply 135 million shares priced between $57 and $62, with an choice for underwriters to buy as much as 20.25 million further shares. On the excessive finish of that vary, Rivian would usher in roughly $9.6 billion in its market debut, assuming underwriters train that choice.
Nonetheless, these numbers might change primarily based on precise demand from traders earlier than the corporate goes public. Earlier on Monday, sources informed CNBC that it could search a valuation of greater than $60 billion.
Rivian R1T electrical truck
Supply: Rivian
Rivian plans to go public as quickly as subsequent week, sources acquainted with the matter confirmed to CNBC. It plans to record on the Nasdaq below the ticker image “RIVN,” in keeping with Rivian’s IPO prospectus filed final month.
In Monday’s submitting, Rivian stated traders, together with Amazon and T. Rowe Value, have indicated an curiosity in shopping for as much as $5 billion in shares in combination on the time of the IPO. The corporate stated it would additionally give retail traders entry to buy a portion of its IPO shares by means of SoFi’s on-line brokerage platform.
The valuation would make Rivian the titan amongst a crop of electrical car start-ups and just lately public corporations from the U.S., together with Fisker, Lordstown Motors and Lucid, and would put it on par with Chinese language electrical car maker Nio. It will additionally imply Rivian is barely barely much less helpful than conventional automotive giants resembling Ford, which is an investor in Rivian; Stellantis, which was created from the merger of Fiat-Chrysler and PSA; and GM.
Rivian is growing business last-mile supply vans for Amazon, which has stated it plans to have 10,000 vans on the highway by 2022 and 100,000 by 2030. Rivian additionally beat Tesla, GM and Ford to the market with an electrical pickup, the R1T, which has acquired early acclaim. The corporate famous in its amended prospectus that it is delivered 156 R1Ts as of the top of October, and plans to ship 1,000 by the top of the yr.
Amazon final week disclosed it has a 20% stake in Rivian, which, mixed with different fairness investments, had a carrying worth of as much as $3.8 billion. Amazon has invested greater than $1.3 billion in Rivian so far, the automaker stated in a separate securities submitting earlier this month.
Ford holds a roughly 12% stake in Rivian, sources had informed CNBC.
WATCH: Amazon reveals it has 20% stake in Rivian
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