Rivian aims to raise up to $ 8 billion in IPO sources

File Photo: The Rivian logo, an electric vehicle startup, appears on the bonnet of the new R1T all-electric truck in Mill Valley, California, USA, on January 25, 2020. REUTERS / NathanFrandino / File Photo

September 15, 2021

Ben Clayman and Anirban Sen

(Reuters) – Rivian, an electric car maker backed by Inc that registered its stock market debut last month, is aiming to raise $ 5-8 billion in listings and is the largest new stock in the United States recently. It is open to the public. Years, according to people familiar with the matter.

Rivian, which counts Ford Motor Company and T. Lowprice as investors, secretly registered its IPO with US regulatory agencies last month. The listing is seeking a valuation of about $ 80 billion and is expected to land in late October or November, sources said.

Rivian declined to comment.

If Rivian raises $ 8 billion in an IPO, it will be ranked as the fourth largest in the United States in the last decade. According to Dealogic, only three other companies have raised more than $ 8 billion in IPOs since 2011. Alibaba raised a world record of $ 25 billion in 2014. Facebook raised $ 16 billion in 2012. And Uber raised $ 8.1 billion in 2019.

Revenue from the IPO will allow Rivian to extend production beyond the Normal assembly plant in Illinois. The startup said the documents viewed by Reuters included an investment of at least $ 5 billion and are in talks with multiple locations to build a second plant in the United States.

Rivian has not provided details of its IPO plan, but will be the first public offering to reveal its finances in the coming weeks.

Based in California, Rivian has raised $ 10.5 billion since early 2019 and is one of the most well-funded US start-ups. Other investors include BlackRock Inc, Soros Fund Management, Fidelity and Saudi car dealer Abdul Latif Jameel Co (ALJ).

Rivian is called the “Tesla Killer” in some areas, but with a market capitalization of about $ 740 billion, compared to Tesla, which plans to build a pickup truck that competes with Rivian’s own version of the pickup truck. It’s still small. R1T.

The Rivian flotation is expected to end the record year of the US IPO. According to Dealogic data, the company has raised more than $ 230 billion through share sales so far this year and plans to raise another tens of billions by the end of the year.

Founded in 2009 by Chief Executive Officer RJ Scaringe as Mainstream Motors, the company changed its name to Rivian in 2011. “Rivian” comes from Florida’s “Indian River,” a place Frequently visited by Scaringe as a young man on rowing boats.

(Report by Ben Clayman of Detroit and Anirban Sen of Bangalore, edited by Steve Orlovsky)

Rivian aims to raise up to $ 8 billion in IPO sources

Source link Rivian aims to raise up to $ 8 billion in IPO sources

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