Rivian significantly raised the expected offer price of its shares, with the electric vehicle manufacturer aiming for a valuation of as much as $65 billion (roughly Rs. 4,82,200 crores) in its IPO.
Rivian Automotive, backed by Amazon.com, on Friday significantly raised the expected offer price of its shares, with the electric vehicle manufacturer aiming for a valuation of as much as $65 billion (roughly Rs.4,82,200 crores) in its initial public offering. It had earlier this week aimed for a valuation of more than $53 billion (roughly Rs.3,93,200 crores) at a price of $62 (roughly Rs.4,600) per share. The company now expects to sell 135 million shares in the range of $72-$74 apiece to raise nearly $10 billion on November 9. The increased price band follows a successful investor roadshow this week, as Wall Street’s big IPO investors bet on Rivian to be the next big player in a sector dominated by Tesla. The IPO could make Rivian one of the only three companies that have raised more than $8 billion (roughly Rs.
