Rivian EV maker raises $11.9 billion

Amazon-backed electric vehicle maker Rivian Automotive Inc. sold shares in its initial public offering (IPO) at $78 per share to raise about $11.9 billion which is the biggest first-time share sale this year.

According to the company’s statement Rivian’s Class A common stock is expected to begin trading on the Nasdaq Global Select Market on November 10, 2021, under the ticker symbol “RIVN.” The offering is expected to close on November 15, 2021, subject to the satisfaction of customary closing conditions.

Rivian EV maker 

Rivian sold 153 million shares in the offering. According to a recent regulatory filing the EV maker had about 55,400 R1T and R1S pre-orders in the United States and Canada as of October 31. It said it had started deliveries of the R1T and had recorded revenue for the three months ended September 30.

In July, Rivian had raised $2.5 billion in investment round with investments from Amazon, Ford, and others. The company has also confirmed that is looking for a location for a second electric vehicle factory in the US. Rivian has been able to raise billions of funds privately from the companies such as Ford and Amazon. It said that it is looking for a second factory in the US that will also be having battery cell production. The Rivian’s current factory in Illinois has a capacity for as many as 300,000 vehicles per year.

Rivian last year also had raised another $1.3 billion from the investors led by T.Rowe Price ( mutual fund company) to supports its battery-powered pickup trucks and delivery vans on track for a U.S launch in late 2020. To help the startup to handle huge delivery orders which starts in 2021.

It also said that it is planning to launch its $69,000 R1T pickup truck and $72,500 R1S sport utility vehicle (SUV) in global geographies outside the U.S. starting in 2021.

Also read related article: Tesla Cybertruck Vs Rivian R1T electric pickup

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