Rivian Automotive selects underwriter for $ 70 billion IPO
While most countries around the world are pushing consumers to switch to electric vehicles over traditional combustion engines, electric automakers are standing out from the crowd. While nearly all mainstream automakers are getting into the electric vehicle game in some form or another, several new companies are electric from the start, such as Tesla and Rivian.
Rivian spoke and showed some very interesting prototypes of his electric vehicles. Currently, the company is backed by Amazon.com and several other investors. A new report says Rivian Automotive Inc. is preparing to go public with an IPO that could be worth as much as $ 70 billion. News of the potential IPO comes from sources cited by Bloomberg who wanted to remain anonymous because the IPO is not being announced at this time.
According to the sources, Rivian works with advisers including Goldman Sachs Group Inc., JPMorgan Chase & Co. and Morgan Stanley. Sources say Rivian is seeking a valuation of around $ 70 billion, while past rumors have indicated Rivian is looking for a value closer to $ 50 billion. The sources also pointed out that no final decision has been made and the details of the potential IPO may change.
There has been no official comment on a possible IPO by Rivian or any of the advisers the automaker is said to be working with. Rivian was worth $ 27.6 billion in January when he raised $ 2.65 billion from various investors. The company makes electric vehicles, including a pickup truck and an SUV that use the same platform. The electric pickup is called the R1T and deliveries are expected to begin in July. This is about a month behind the previously scheduled delivery date, with indications that Rivian has had problems procuring the components he needs to build the vehicles.