4 Key Facts About the Upcoming Rivian IPO
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Rivian is an electric vehicle maker that is poised to come public in the later part of 2021. Below are four important facts about the upcoming IPO that is sure to light up screens across Wall Street with its debut.
1. Rivian IPO Timing: Rivian filed confidentially for its initial public offering (IPO) in late August of 2021. This puts it on track to complete the IPO by the end of 2021. The company will use the traditional IPO route versus a direct listing or a SPAC.
2. Rivian IPO Valuation: The company is targeting an initial valuation of $70-$80 billion, according to reports. The company has raised $10.5 billion since the start of 2019, including $2.5 billion raised in July of 2021. The valuation range being discussed could make the initial market cap of Rivian larger than GM (NYSE: GM), which has a market cap of ~$73 billion. Tesla (NASDAQ: TSLA) is the largest auto company by market cap at a whopping $733 bilion.
3. Rivian IPO Backers: Original investors for the company include Amazon (NASDAQ: AMZN), Ford Motor (NYSE: F), D1 Capital Partners, T. Rowe Price, Third Point, Fidelity Management and Research Company, Dragoneer Investment Group, Coatue, and Cox Automotive, among others.
4. Rivian IPO Products: The company’s launch products are EV-truck R1T and EV-SUV R1S. These vehicles will be produced at Rivian’s manufacturing plant in Normal, Ill., with customer deliveries expected to begin in fall 2021. The R1T has a starting price of $67,500 and an EPA estimated range of 314 miles. The R1S has a starting price of $70,000 and an EPA estimated range of 316 miles. Rivian is also developing a custom electric delivery van for Amazon utilizing Rivian’s skateboard platform. 100,000 of these vans had been ordered with customer deliveries starting in 2021.
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