Rivian, an Amazon-backed electric vehicle startup, listed its initial public offering at $78/share. According to the Wall Street Journal as well as Reuters, it raised more than $10 Billion.
Rivian is valued at more than $77 Billion, according to Reuters. Journal Both were cited from unnamed sources. Rivian raised more than $10 Billion, according to Reuters. However, the Journal stated that it was close to $12 Billion.
Rivian predicted a price between $72 and $74 per share, significantly higher than the $57 to $62 range reported at the start of last week.
The company filed an IPO application with the SEC last month. Will commence trades Wednesday at the Nasdaq under the ticker code RIVN.
Last month announced that customers have paid deposits for more than 48,000 Rivian SUVs and pickup trucks. Amazon invested in Rivian two years ago and has pre-ordered 100,000 delivery vehicles.
R.J. Scaringe established Rivian over a decade ago. Initially set out to build an electric sportscar before moving on to trucks and SUVs. According to Pitchbook, the company has raised $11.2B from Amazon, Ford, T. Rowe Price, and other investors. Anticipates spending $8B on capital expenses over the next five years. The company launched production in September, and it states it expects to produce approximately 1,200 trucks by year’s end. However, it also claims that it can create as many as 150,000 vehicles annually from a former Mitsubishi factory located in Illinois.
