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Rivian Automotive, Inc. has announced the pricing of its upsized initial public offering of 153,000,000 shares of Class A common stock at a public offering price of $78.00 per share. This is above the target range of $72 to $74, and could value the U.S. EV maker at around $70 billion.
Amazon and Ford are investors in the company.
Rivian’s Class A common stock is set to begin trading on the Nasdaq Global Select Market on November 10, 2021, under the ticker symbol “RIVN.”
The offering is expected to close on November 15, 2021, subject to the satisfaction of customary closing conditions.
The company says the ‘gross proceeds from the offering to Rivian, before deducting underwriting discounts and commissions and other offering expenses payable by Rivian, are expected to be approximately $11.9 billion, excluding any exercise of the underwriters’ option to purchase additional shares’.
In February, 2019, Rivian announced a $700 million funding round led by Amazon. In April of that year, It announced that Ford Motor Company invested $500 million and that the companies would collaborate on a future program.
Rivian has developed and vertically integrated a connected electric platform that can be flexibly applied to a range of applications, including the company’s adventure products as well as B2B products such as the Amazon last mile delivery vans.
The company’s launch products, the R1T and R1S, provide an unmatched combination of performance, off-road capability and utility.
These vehicles will be produced at Rivian’s manufacturing plant in Normal, Ill., with customer deliveries expected to begin in fall 2021.