Rivian is an electric vehicle company that may have slipped under your radar, but the company is making waves today with the announcement of its upcoming IPO. Rivian recently closed a $ 2.5 billion funding round last month led by Ford, Amazon and T. Rowe Price, bringing the amount raised since 2019 to $ 10.5 billion.
The amount of shares to Posted and the price range has not yet been disclosed, as the IPO form filed today is confidential, but it has been reported that Rivian will be looking for a valuation somewhere in the 70-80 market cap range. billions of dollars. Bloomberg has reported that JPMorgan, Morgan Stanley and Goldman Sachs have been selected as underwriters for the IPO.
Amazon owns part of Rivian and plans to roll out 10,000 electric delivery vans next year and aims to have 100,000 on the roads by 2030. There appears to be real demand for Rivian’s product line by opposition to more dubious electric vehicle IPOs like Nikola. Amazon began testing Rivian’s electric delivery vans earlier this year in Los Angeles and San Francisco.
Rivian has an electric vehicle assembly plant located in Normal, Ill., And they are said to be looking to expand to a second factory Short term. The upcoming IPO will certainly help the company accumulate more funds for its continued expansion plans. The supposed valuation of $ 70 billion to $ 80 billion may seem high enough to many onlookers, but Wall Street’s darling electric vehicle Tesla is currently valued at over $ 700 billion. Then again, Tesla has been shipping cars for years and Rivian is still a startup.
Only time will tell if Rivian’s stock will be worth buying, but the company has the backing of big players like Amazon and Ford, so it’s definitely worth keeping an eye out for when it was introduced in Canada. stock Exchange.
This article is intended for educational purposes only and should not be taken as investment advice. Please consider your own investment horizon, risk tolerance and consult a financial advisor before acting on this information.