Rivian Gets Closer to IPO, Seeking Over $50 Billion Evaluation

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Business|Rivian edges person to an I.P.O., seeking a valuation supra $50 billion.


Rivian makes an upscale pickup motortruck  and a sport-utility vehicle, some  designed to beryllium  driven off-road.
Credit...Lyndon French for The New York Times
  • Nov. 1, 2021, 6:50 p.m. ET

Rivian, an electrical motortruck shaper backed by Amazon and Ford Motor, is aiming to beryllium valued supra $50 cardinal successful its archetypal nationalist offering adjacent week.

The institution updated its registration documents with the Securities and Exchange Commission connected Monday to accidental it was aiming to merchantability 135 cardinal Class A communal shares priced betwixt $57 and $62 a share, raising up to $8.4 billion.

Rivian is 1 of galore start-ups hoping to seizure a stock of the electrical conveyance market, which is expected to turn exponentially implicit the adjacent 2 decades. The institution is chasing Tesla, the person successful the field. Tesla precocious topped $1 trillion successful value, and it made its archetypal full-year nett past year.

Amazon has invested implicit $1.8 cardinal successful Rivian, and it disclosed past week that it held a 20 percent involvement in the company. Amazon, which has been gathering up its ain transportation operation, has a declaration to bargain 100,000 transportation vehicles from Rivian.

Founded successful 2009, Rivian makes an upscale pickup motortruck and a sport-utility vehicle, some designed to beryllium driven off-road. “Keep the satellite adventurous forever,” the institution proclaims successful its I.P.O. filing.

At $62 per share, Rivian could person a worth arsenic precocious arsenic $61 cardinal if other shares that mightiness get issued are counted. These see the further shares that whitethorn get issued successful the offering, if determination is request for them, and immoderate shares underlying worker banal compensation, said Matthew Kennedy, a elder I.P.O. marketplace strategist astatine Renaissance Capital.

Rivian archetypal published its papers to spell nationalist successful August, past aiming for a valuation of astir $70 billion. Rivian has lost $2 cardinal since the commencement of past year, underscoring the costs and risks of processing electrical vehicles. It expects to walk astir $8 cardinal connected facilities and instrumentality done the extremity of 2023.

Peter Eavis contributed reporting.

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