EV maker Rivian boosts IPO price range, aims for $65 billion valuation
Rivian Automotive, backed by Amazon.com Inc, 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 in its initial public offering.
It had earlier this week aimed for a valuation of more than $53 billion at a price of $62 per share.
The company now expects to sell 135 million shares in the range of $72-$74 apiece to raise nearly $10 billion on Nov. 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.
