Amazon-Backed Rivian Automative - EV Manufacturer, Boosts IPO Price Range, Aims For $65 Billion Valuation

Rivian Automotive, backed by Amazon.com Inc, considerably raised the anticipated provide value of its shares, with the electrical car producer aiming for a valuation of as a lot as $65 billion in its preliminary public providing.It had earlier this week aimed for a valuation of greater than $53 billion at a value of $62 per share. The firm now expects to promote 135 million shares within the vary of $72-$74 apiece to boost almost $10 billion on Nov. 9.The elevated value band follows a profitable investor roadshow this week, as Wall Street's huge IPO buyers wager on Rivian to be the subsequent huge participant in a sector dominated by Tesla.The IPO might make Rivian one of many solely three firms which have raised greater than $8 billion in a decade after Alibaba and Facebook.While the startup has but to promote any important quantity of its electrical vans or vehicles, a $65 billion valuation for Rivian might make it more invaluable than Fiat maker Stellantis NV and produce it nearer to legacy automakers Ford and General Motors.Rivian has been investing closely to ramp up manufacturing, together with for its upscale all-electrical R1T pickup truck which was launched in September, beating out competitors from established rivals corresponding to Tesla Inc, General Motors and Ford.The firm had about 55,400 R1T and R1S preorders within the United States and Canada, as of Oct. 31.Rivian mentioned it had began deliveries of the R1T and had recorded income for the three months ended September 30. Net loss for that interval, nevertheless, is estimated to extend on account of increased manufacturing prices.The EV market is booming as customers are more setting aware and is seen as an emblem of luxurious for a lot of manufacturers. Tesla produced a document variety of vehicles in its newest quarter, suggesting sturdy demand for electrical vehicles.Amazon has ordered 100,000 of Rivian's electrical supply vans as a part of the e-commerce big's broader effort to chop its carbon footprint.Rivian will, nevertheless, face competitors from automakers in each the patron and business van markets.Ford mentioned it has greater than 160,000 orders for its F-150 Lightning electrical pickup truck and that an electrical model of its Transit business van is "completely sold out."General Motors is gearing up manufacturing of electrical supply vans, SUVs and pickup vehicles.Morgan Stanley, Goldman Sachs and J.P. Morgan are the lead underwriters. Rivian will record on the Nasdaq underneath the image "RIVN". The valuation consists of shares that underwriters might train underneath the "greenshoe" possibility.