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.
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.
