Start-up electric vehicle maker Rivian Automotive, Inc. (Nasdaq: RIVN) started trading on the Nasdaq Global Select Market today while also announcing pricing for their IPO. The firm aims to raise US$11.9 million in its debut on the big board.
The offering consisted of 153 million Class A common shares at US$78.00 per share, an increase from the initial price range of US$57.00 – US$62.00. The company’s shares will be trading on the Nasdaq exchange under the ticker symbol “RIVN”.
Morgan Stanley, Goldman Sachs & Co., and J.P. Morgan are acting as the lead bookrunners for the said offering. The underwriters were given a 30-day over-allotment option to purchase up to an additional 22.95 million shares at the same IPO price, potentially bringing proceeds up to US$13.7 billion.
The offering is expected to close on November 15, 2021, subject to customary closing conditions.
The electric automaker, backed by Amazon and Ford, previously announced the start of its production, with Amazon announcing in 2019 the purchase of 100,000 vehicles. The pricing puts the company’s valuation to approximately $76.4 billion on a fully diluted basis.
Information for this briefing was found via Edgar, Bloomberg, and the companies mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.