Rivian Automotive seeking to raise $8.4 billion in IPO

Rivian said it plans to sell 135 million shares for $57 to $62 each, according to a filing with the U.S. SEC

Rivian Automotive Inc. is seeking to raise $8.4 billion in an initial public offering (IPO) that could give it a market value of $53 billion.

Rivian said it plans to sell 135 million shares for $57 to $62 each, according to a filing Monday with the U.S. Securities and Exchange Commission (SEC), reaching that value at the top of the range based on the outstanding shares listed in its filing.

Rivian’s filing was been one of the most anticipated of the year; now attention has turned to its public debut on the Nasdaq exchange. Rivian will trade under the ticker symbol RIVN.

Underwriters also have an option to buy up to 20.25 million additional shares. If underwriters exercise that option, Rivian would raise as much as $9.6 billion.

Based on the number of outstanding shares, that would put its market valuation at nearly $53 billion. If employee stock options and other restricted shares are considered, Rivian’s valuation could be $60 billion.

Rivian filed October 1 to become a publicly traded company in the US. At the time, the S-1 document did not disclose the targeted share price. An amended document filed Monday provided the new information, which included interest from repeat backer Amazon and newcomer Blackstone in Rivian.

Amazon, funds and accounts advised by T. Rowe Price Associates, Coatue Management, Franklin Templeton, Capital Research Global Investors, D1 Capital Partners LP, Third Point LLC, funds affiliated with Blackstone Alternative Asset Management, Dragoneer Investment Group LLC and certain entities affiliated with Soros Fund Management LLC have indicated an interest in buying up to $5 billion of shares of Class A common stock.

A recent filing by Amazon shows the e-commerce giant already holds a 20% stake in Rivian.