An updated securities filing by electric Vehicle company Rivian shows that the company has increased the initial public offering price of its shares. The price update was made on Friday and showed a slight price change in the price the company plans to offer its shares for. According to the updated filing, the company has plans to offer 135 million shares within the price range of $72 and $74. The original pricing the company first announced was between $57 and $62. Rivian could be worth more than $65 billion with the current range and under the assumption that underwriters exercise an option of 20.25 million additional shares.
According to earlier reports, the electric vehicle company which has the backing of e-commerce giant Amazon and automaker Ford plans to go public by next week. The company is reportedly going to list on the Nasdaq under the ticker symbol “RIVN”. The IPO prospectus Rivian filed last month also confirmed that the company is going to list under the ticker “RIVN”.
Rivian has been working hand-in-hand with Amazon and is developing commercial delivery vans for Amazon. The company recently started the production of its highly anticipated electric pickup – the R1T. The company announced last week that it plans on delivering 1,000 pieces of this model by the year-end. On Thursday this week, however, a former executive at the company raised concerns about the company’s ability to keep the promises made to investors. Her comments came in the heat of a gender discrimination lawsuit she filed against the company and claims that female executives were either being marginalized or shut out from important meetings.
At a prospective valuation of $65 billion, the electric vehicle company is slightly behind automakers like Ford which owns about a 5 percent stake in Rivian and GM in value. According to filings by Rivian, the company has never reported any material revenue and expects to generate at most $1 million in revenue in the quarter ended September 30th, and it also lost $994 million in the first half of the year. The valuation will also bring the company to the forefront of electric vehicle startups and recently public U.S. companies such as Lordstown Motors, Fisker, etc. The valuation would place the company on par with Chinese EV maker Nio.