Rivian Automotive Inc, an electric vehicle manufacturer backed by Amazon.com Inc. and Ford Motor Co., is looking to raise about $8.4 billion in an initial public offering. What Happened Rivian plans to sell up to 135 million shares in the range of $57 to $62 per share, which would translate to funds raised around $8.4 billion, according to a filing with the U.S. Securities and Exchange Commission. There would also be a greenshoe option for underwriters to buy another 20.25 million shares, which could translate into another $1.25 billion. Rivian intends to list its Class A common stock on the Nasdaq with the ticker “RIVN.” The company reported a net loss of $994 million for the first six months of 2021, compared with a $377 million loss a year ago. The electric vehicle maker expects to record a net loss of up to $1.28 billion in the quarter ended Sept. …
Ford-Backed Tesla Rival Rivian Looks to Raise $8.4 Billion in IPO: What You Need to Know
November 3, 2021
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