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2 Nov 2021

Amazon Backed Rivian Automotive Seeks $60 Billion IPO Valuation

The Index Today

Rivian Automotive Inc. is hoping to gain a $60 billion valuation in its upcoming Initial Public Offering. The electric vehicle company is backed by Amazon Inc. and aims to sells its shares around $57 to $62 a piece.

On Tuesday, the company will pitch shares to large investors and will begin trading on NASDAQ under the name of RIVN next week. However, the valuation could face changes depending on investor feedback and prevailing market situation.

Since 2019, the California-based company has acquired approximately $10.5 billion with the support of Ford Motor Co, Amazon and Cox Enterprises. Amazon currently owns a 20% stake in the automobile company. The IPO seeking $60 billion valuation could make place the company in the same league as Ford Motors and also make it more valuable than Honda Motors.

The upcoming Rivian IPO is expected to be one of the largest IPOs in the field of electric vehicles as investors are betting big on the fast-expanding sector. Many vehicle companies are shifting focus towards electric vehicles as consumer demand increases. Rivian was founded in 2009 by RJ Scaringe who completed his education in mechanical engineering and set up his own company. The firm will introduce three new electric cars into the market by the end of the year.

©Photo: wsj.com

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