Rivian is aiming to raise $8.4 Billion in its upcoming initial public offering. In a regulatory filing with the Securities And Exchange Committee (SEC) in the U.S, the company says it is currently estimating that the IPO price will be between $57.00 and $62.00 per share.
The EV maker has applied to list 135,000,000 shares on the Nasdaq under the symbol ‘RIVN’.
Cornerstone investors, that include Amazon, Blackstone Alternative Asset Management, and certain entities affiliated with Soros Fund Management LLC, have indicated an interest in purchasing up to an aggregate of $5.0 billion of shares of our Class A common stock.
Rivian filed for a listing on October 1st.
In a letter to prospective investors and Rivian owners, Robert J. Scaringe, Founder and Chief Executive Officer, says: ‘Rivian exists to create products and services that help our planet transition to carbon neutral energy and transportation. Our society today will have a profound impact on the planet and the world our kids, and their kids, will inherit’
He adds: ‘We can spend a lot time debating the specifics of climate change, but the indisputable truth is that we, as humans, are rapidly changing the composition of our atmosphere. This is what inspired me to start Rivian, and it’s what drives every decision we make as an organization. The challenge is as big as it comes but we’re fortunate to get to help solve it with such passionate team members and partners’.
Rivian says it plans to launch and commence customer deliveries for the R1S, a three-row seven-passenger sports utility vehicle (SUV) in December 2021 following the completion of ongoing vehicle validation and all required testing.
By the end of 2021, it intends to produce approximately 1,200 R1Ts and 25 R1Ss and deliver approximately 1,000 R1Ts and 15 R1Ss.
