Electric truck startup Rivian seeks $ 60 billion valuation on IPO

Start-up electric truck maker Rivian is seeking a valuation of around $ 60 billion in its upcoming public offering, according to a filing on Monday with the Securities and Exchange Commission.

Rivian plans to offer 135 million common shares at a price between $ 57 and $ 62 per share. The company will have 994 million shares outstanding after the IPO, which would value it nearly $ 62 billion at the high end of the price range.

The stock is expected to start trading on the Nasdaq under the ticker symbol RIVN this month, according to the SEC filing.

Rivian is building an electric truck and SUV, as well as 100,000 custom electric vehicle delivery vans for Amazon, an investor in the company. Rivian has raised around $ 10.5 billion from investors since 2019, a list that also includes Ford Motor Co. and T. Rowe Price, who valued the electric vehicle maker at $ 28 billion at the start of the year. .

Amazon revealed in an SEC filing last week that it had a roughly 20% stake in Rivian as of September 30.

Rivian could raise more than $ 8 billion from its IPO, a record since Uber made $ 8.1 billion in 2019.

At $ 60 billion, Rivian’s valuation would rival both Ford, which has a market cap of $ 72 billion, and General Motors, which is valued at $ 81 billion.

Rivian still has a long way to go to catch up with electric vehicle leader Tesla, which has a market cap of $ 1.2 trillion on Monday, after breaking the $ 1 trillion valuation mark last week.

Rivian has generated significant buzz with its inaugural models, which boast over 300 miles of range, go from zero to 60 mph in three seconds, and start at $ 73,000 for the R1T truck and $ 75,500 for the R1S SUV, offset by a federal tax credit of $ 7,500. for electric vehicles. The first trucks rolled off the line in September, while the SUV is expected to launch in December, according to the IPO filing.

As of Oct. 31, Rivian had received approximately 55,400 R1T and R1S pre-orders from customers who paid a refundable deposit of $ 1,000, according to Monday’s IPO filing. Rivian has reserved up to 7% of the IPO shares for U.S. customers who had pre-orders pending as of September 30.

The R1T’s $ 73,000 launch edition is sold out, the company said. But the Adventure, which has similar specs and is also priced at $ 73,000 before the federal rebate, and the Explore, a slightly more utility model priced at $ 67,500, are slated for release in January.

Founded in 2009, Rivian has 3,136 employees working at its Illinois production facility, a converted Mitsubishi plant in Normal, Ill., A college town about 200 km south of Chicago. The company, headquartered in Irvine, Calif., Has approximately 9,000 employees in total.

The Normal plant can produce up to 150,000 vehicles per year, with expansion plans allowing it to grow to 200,000 vehicles by 2023, according to the IPO file.

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