On Friday, Rivian significantly raised the expected offer price of its shares in its upcoming IPO.
Earlier this week, the company was looking at $62 per share, putting their valuation around $53 billion. However, the company now expects to sell the 135 million shares in the range of $72-$74 per share.
This new share price would put the companies evaluation around $65 billion.
The increased price band comes off an extremely successful investor roadshow. In fact, many top IPO investors on Wall Streetare betting on Rivian being the next big player in the EV industry.
Rivian plans the largest expansion so far at their Normal manufacturing facility
The IPO could put Rivian in an elite group of companies, including Alibaba and Facebook, who raised more than $8 billion in a decade.
Although Rivian has not sold any significant volume of vehicles, a $65 billion valuation would make it more valuable than Stellantis NV and close to Ford and General Motors.
Rivian does have over 55,000 reorders of its consumer R1S and R1T.
In addition, the company also has a 100,000 vehicle order from Amazon for electric delivery vans.
Rivian will list on the Nasdaq under the symbol ‘RIVN’. The lead underwriters of the IPO include Morgan Stanley, Goldman Sachs and J.P. Morgan. The IPO goes live on November 9.
