EV maker Rivian targets to price shares up to $62, putting valuation near $55 billion

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Electric vehicle fire up Rivian Automotive is targeting on a market valuation of as much as $54.6 billion in its forthcoming initial public offering, as indicated by its corrected plan recorded Monday.

The California-based organization will price shares among $57 and $62, raising up to $9.1 billion at the midpoint cost and all organization stock at about $52.5 billion, as indicated by a securities filing.

US business media said Rivian could open up to the world on Wall Street when one week from now.

Rivian has raised more than $10 billion in financing since its establishing in 2009, including from Amazon, which has vowed to buy 100,000 electric delivery vans from the startup.

In Monday’s filing, Rivian said financial backers, including Amazon and T. Rowe Price, have shown an interest in purchasing up to $5 billion in shares in total at the hour of the IPO. The organization said it will likewise give retail financial backers admittance to buy a piece of its IPO shares through SoFi’s online brokerage platform.

The valuation would make Rivian the titan among a yield of electric vehicle new businesses and recently public companies from the U.S., including Fisker, Lordstown Motors and Lucid, and would put it comparable to Chinese electric vehicle creator Nio. It would likewise mean Rivian is just somewhat less important than customary car monsters like Ford, which is a investor in Rivian; Stellantis, which was made from the consolidation of Fiat-Chrysler and PSA; and GM.

Rivian additionally beat Tesla, GM and Ford to the market with an electric pickup, the R1T, which has gotten early approval. The organization noted in its corrected outline that it’s conveyed 156 R1Ts as of the finish of October, and plans to convey 1,000 before the year’s over.

Amazon last week revealed it has a 20% stake in Rivian, which, joined with other equity investments, had a conveying worth of up to $3.8 billion. Amazon has put more than $1.3 billion in Rivian to date, the automaker said in a different protections documenting recently.

Notwithstanding the Amazon conveyance vehicles, Rivian is delivering electric trucks and sport utility vehicles at buyers with costs beginning from around $70,000.