EV maker Rivian prices IPO above range to raise over $10 billion -sources By Reuters

news7h 11/10/2021

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EV maker Rivian prices IPO above range to raise over $10 billion -sources

© Reuters. FILE PHOTO: R.J. Scaringe, Rivian’s 35-year-old CEO, introduces his firm’s R1T all-electric pickup truck at Los Angeles Auto Present in Los Angeles, California, U.S. November 27, 2018. REUTERS/Mike Blake/File Picture

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By Echo Wang and Anirban Sen

NEW YORK (Reuters) – Amazon-backed EV maker Rivian offered shares in its preliminary public providing (IPO) at $78 per share, above its goal vary, to lift over $10 billion, folks accustomed to the matter stated on Tuesday.

The IPO provides Rivian a valuation of about $66.5 billion. The elevate was the one of many largest ever for an IPO within the U.S., in response to information from Dealogic.

On a totally diluted foundation, Rivian might be valued at over $77 billion.

Rivian priced 135 million shares at $78 per share, the sources stated, requesting anonymity because the talks are confidential.

On Friday, Rivian had boosted its value vary to $72 to $74 per share, up from an earlier vary of $57 to $62 a share.

Rivian didn’t instantly reply to a request for remark.

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