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Rivian Seeks $63 Billion Valuation With IPO

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A Rivian truck.

Courtesy of Rivian

Rivian Automotive boosted the price range for its much anticipated initial public offering on Friday, less than a week before its shares will begin trading.

The all-electric truck maker plans to sell 135 million shares at $72 to $74 each, according to a prospectus. This is up from a range of $57 to $62 the company set last week.

Rivian plans to trade on the Nasdaq under the ticker RIVN.  Morgan Stanley, Goldman Sachs, and J.P. Morgan are the lead underwriters on the deal. 

Rivian was expected to seek a more than $60 billion valuation. At $74, its market capitalization would be more than $63 billion. This means that Rivian’s valuation would surpass that of


Honda Motor

(ticker: HMC), which ended Friday with a $51.2 billion market cap, and brings it closer to


Ford Motor

(ticker: F), an investor in Rivian, whose valuation was $75.7 billion.

The Rivian IPO is scheduled to price next Tuesday, and trade the next day, Barron’s has previously reported.

The Rivian IPOs is one of several much anticipated offerings expected this month. Nubank, the Brazilian digital lender backed by


Berkshire Hathaway

(BRK.B), is going public and is targeting a $50.6 billion valuation. Hertz Global Holdings, the rental car company that emerged from bankruptcy in June, will open for trading on the Nasdaq on Tuesday. (Hertz is relisting and selling shares on Nasdaq and is technically not an IPO. Its shares currently trade over the counter under the symbol HTZZ.)

Founded in 2009, Rivian makes all-electric pickup trucks and SUVs; it employed 9,195 people as of Oct. 30. The Irvine, Calif., company is considered one of the more serious rivals to Tesla (TSLA), the leading EV manufacturer. Rivian is reportedly producing up to 100,000 electric delivery trucks for Amazon (AMZN). 

Rivian has raised $10.5 billion in funding since 2019. Investors include


Amazon.com

(AMZN) and Ford; neither are selling shares. At $74,


Amazon

‘s 17.3% stake is valued at $11.8 billion while Ford’s 11.1% holding is worth about $7.6 billion. 

Write to Luisa Beltran at [email protected]

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