Rivian is an electrical car firm that will have slid below your radar, however the firm is making waves right this moment with the announcement of its upcoming IPO. Rivian not too long ago closed a $2.5 billion financing spherical final month that was led by Ford, Amazon, and T. Rowe Value, which brings the quantity raised since 2019 to $10.5 billion.
The quantity of shares to be issued and the worth vary haven’t but been disclosed as right this moment’s IPO kind filed is confidential, however there are reviews that Rivian shall be searching for a valuation someplace within the $70-80 billion market cap vary. Bloomberg has reported that JPMorgan, Morgan Stanley, and Goldman Sachs have been chosen as underwriters for the IPO.
Amazon owns a chunk of Rivian and has plans to deploy 10,000 electrical supply vans subsequent 12 months and goals to have 100,000 of them on the roads by 2030. There appears to be precise demand for Rivian’s product line versus extra doubtful EV IPOs like Nikola. Amazon started testing Rivian’s electrical supply vans earlier this 12 months in Los Angeles and San Francisco.
Rivian has an electrical car meeting plant situated in Regular, Illinois, and they’re rumored to be seeking to develop to a second factory within the close to time period. The upcoming IPO will certainly assist the corporate accumulate extra funding for his or her continued enlargement plans. The rumored $70-80 billion valuation could appear fairly excessive for a lot of onlookers, however Wall Avenue’s electrical car darling Tesla is presently valued over $700 billion. Then once more, Tesla has been delivery automobiles for years, and Rivian remains to be a startup.
Solely time will inform if Rivian’s inventory shall be value shopping for, however the firm has the backing of huge gamers like Amazon and Ford, so it’s undoubtedly value maintaining a tally of main as much as the IPO date.
This text is barely meant for instructional functions, and shouldn’t be taken as funding recommendation. Please think about your individual funding time horizon, danger tolerance, and seek the advice of with a monetary advisor earlier than performing on this info.
https://www.shacknews.com/article/126381/rivian-electric-vehicle-company-announces-ipo-filing | Rivian electrical car firm broadcasts IPO submitting