Bezos-backed Tesla chaser Rivian has now priced its New York IPO at the top of its anticipated range.
Rivian said last night in the US it would price its IPO shares at US$78 which would raise US$11.9bn and pitch the electric vehicle maker’s value at US$76.4bn.
It marks a successful year for Rivian and its backers, given its prior US$2.65bn pre-IPO funding round in January which valued the company at US$27.6bn.
The electric car and truck maker recently rolled its first products off the line at its facilities in Normal, Illinois, and s aiming to produce 1,200 vehicles by the end of 2021 and a ramp up to around 150,000 vehicles by ‘late’ 2023.
Jeff Bezos controlled Amazon is leading the Rivian IPO, elevating the billionaire’s rivalry with Tesla chief Elon Musk.
Whilst Rivian is described as independent from Amazon, the online retail behemoth is also the cornerstone customer, with the IPO underpinned by a supply deal with Amazon that sees it receive 100,000 electric delivery vans by 2024.
Rivian’s IPO docket also includes several blue-chip investment groups such as T Rowe Price, Coatue Management, Franklin Templeton, Capital Research Global Investors, D1 Capital, Third Point Investors, Blackstone Inc., Dragoneer Investment Group and Soros Funds.