Rivian just submitted Amendment No. 2 to their initial public offering (IPO) filing (see the initial overview here), which contains fresh and crucial information. To begin, the company plans to sell 155,250,000 shares (including 20,250,000 shares to underwriters) at a price of $57.00 to $62.00 per share. As a result, the corporation might raise between $8.85 and $9.63 billion (minus costs).
The firm might be valued at $50.3-$54.7 billion based on the fact that up to 882,245,652 shares of common stock will be outstanding following this offering (including up to 874,420,652 Class A common stock and 7,825,000 Class B common stock with 10x the voting power). The IPO shares would account for around 17.6% of the firm.
In comparison to the previously reported $80 billion, the $50-$55 billion valuation appears to be far more appealing to possible new investors. It is, nevertheless, not far behind large automakers like Ford (market capitalization of over $70 billion).
The Nasdaq IPO (under the symbol “RIVN”) is likely to happen as soon as next week. Let’s not forget that Amazon owns around 20% of Rivian. Ford owns around a 12% interest in Rivian, according to CNBC’s unnamed sources. That’s almost a third of the total.
Rivian Announces IPO Details, Launch Expected This Month. (2021, November 2). InsideEVs.