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Rivian, the Amazon-backed electric vehicle maker, seeks to raise $8.4 billion in IPO

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According to an amended S-1 filing on Monday, Amazon-backed electric car developer Rivian is seeking a value that would position it among the world's most valuable automotive business jobs when it goes public in the coming days. 

Rivian aims to sell 135 million shares of Class A common stock at a price range of $57 to $62 per share. A total of 20.25 million extra shares will be made available to the IPO's underwriters. Rivian might raise up to $8.4 billion in its initial public offering if shares price at the top of its range or more than $9.6 billion if underwriters jobs exercise their options. 

According to the filing, the California-based business is aiming for a valuation of more than $53 billion based on outstanding shares. However, that figure could fluctuate depending on investor demand and market conditions. According to the Wall Street Journal, Rivian is seeking a valuation of more than $60 billion. 

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Rivian announced that a portion of its shares would be made available to individual investors via SoFi's online brokerage platform. The stock symbol for the company will be "RIVN" on the NASDAQ exchange. Rivian is slated to go public the following week. 

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Rivian might outperform Honda jobs with a great start, which is presently valued at around $53 billion. Ford Motor Company, which owns a share in Rivian, is currently worth approximately $71 billion, while General Motors is worth approximately $80 billion. 

Rivian anticipates delivering around 1,000 R1T electric pickup trucks before the end of the year. The corporation announced last month that it had lost about $1 billion in the first six months of the year. Amazon revealed last month that it owns around 20% of Rivian. Amazon has already hired Rivian to offer 100,000 electric delivery vans by 2030. 

SourceFoxNews 

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