Rivian files for IPO, seeking about US$80 billion valuation

Sunday, 29 August 2021

Rivian is in the last stages of preparing its R1T pick up for full-scale production.

Rivian Automotive, the maker of electric pickups backed by Amazon.com, has filed for an initial public offering and is seeking a roughly US$80 billion valuation, according to people familiar with the matter.

The Irvine, California-based startup said in a statement Friday that it submitted its S-1 registration to the Securities and Exchange Commission, confirming an earlier report by Bloomberg News. The company would like to do an IPO around the Nov. 25 Thanksgiving holiday, said the people, who asked not to be identified because the filing was confidential. The timing will depend on approval from the SEC.

Check out the Rivian R1T as it is put through its paces in real-world testing.

Should Rivian go public at a US$80 billion market capitalisation, it would be one of the biggest debuts on that basis this year. With US$10.5 billion raised from backers including Amazon and Ford, an established factory in Illinois and thousands of reservation holders for its R1T truck and R1S sport utility vehicle, Rivian is among the most serious competitors lining up to take on electric-vehicle leader Tesla.

Rivian said in its statement that the size and price range for the proposed offering have not yet been determined. The company is working on the IPO with advisers including Goldman Sachs, JPMorgan Chase and Morgan Stanley, Bloomberg News reported in May.

**READ MORE:

A number of Rivians were spotted testing in New Zealand recently.

* Rivian gets serious with possible US$5 billion Texas plant

* Quick Charge 13/02/21: this week in EV news

* Rivian raises another US$2.65 billion in funding as EV nears launch

* Uber trades below last private value in rocky post-IPO start

Amazon shares rose as much as 0.6 per cent shortly after the start of regular trading, while Ford advanced more than 2 per cent.

While the company has a who's-who list of backers, it has yet to delivery any vehicles to retail customers and has encountered multiple setbacks starting production. The Covid-19 pandemic has brought about supply-chain disruptions and parts shortages that have forced Chief Executive Officer R.J. Scaringe to postpone its model launches several times.

Even so, the company has grand plans. It's scouting locations for a European manufacturing site, Bloomberg News reported, and is in talks with the city of Fort Worth, Texas, about investing at least US$5 billion in a second U.S. assembly plant.

The R1T pickup is slated to go into limited production this month and boasts 640km of driving range. The company will build the truck and the R1S, which has been delayed indefinitely, at a former Mitsubishi Motors plant in Normal, Illinois.

Rivian also has a contract with Amazon to build 100,000 electric delivery vans by the end of the decade, with 10,000 due by the end of next year.