Electric vehicle startup Rivian hopes to raise $ 8.4 billion when it goes public, says regulatory filing posted Monday.
The company, which is backed by Amazon, said in the filing that it plans to offer 135 million shares at a price of between $ 57 and $ 62. The underwriters also have the option of purchasing up to 20.25 million additional shares. If the underwriters exercised this option, Rivian would raise up to $ 9.6 billion.
Based on the number of shares outstanding, that would bring its market valuation to around $ 53 billion. If employee stock options and other restricted stocks are factored in, Rivian’s valuation could reach $ 60 billion.
Rivian filed on October 1 to become a listed company in the USA. Document S-1 did not disclose the relevant share price at the time. An amended document filed on Monday provided the new information, which included recurring Amazon support and newcomer Blackstone’s interest in Rivian.
Amazon, funds and accounts advised by T. Rowe Price Associates, Coatue Management, Franklin Templeton, Capital Research Global Investors, D1 Capital Partners LP, Third Point LLC, funds affiliated with Blackstone Alternative Asset Management, Dragoneer Investment Group LLC and certain affiliates of Soros Fund Management LLC has indicated its interest in purchasing up to $ 5 billion of Class A common stock.
A recent Amazon filing shows the e-commerce giant already has a 20% of Rivian’s capital.
Rivian’s filing was one of the most anticipated of the year; now attention has turned to its public debut on the Nasdaq exchange. Rivian will trade under the ticker symbol RIVN.