Rivian raises $12 billion for one of the most anticipated initial public offerings of 2021
Rivian, an electric car company, has priced its initial public offering at $78 per share, much over its target price as investors rushed to the year's most anticipated IPO.
According to a regulatory filing posted late Friday evening, the company offered 153 million shares of common stock at a price of $78 per share. Rivian also provided underwriters the option to purchase an additional 22.95 million shares, which was greater than planned.
Before commissions, discounts, and other fees, the overall proceeds from the transaction are projected to be around $11.9 billion.
This figure does not include the underwriters’ option to buy more shares. Rivian may raise a total of $13.8 billion if underwriters exercise those options. Rivian is now valued at more than $77 billion on a fully dilated basis.
In a filing earlier this month, the business, which is funded by Amazon, said it wanted to offer 135 million shares at a price between $57 and $62.
Additionally, underwriters had the opportunity to purchase up to 20.25 million additional shares. Due to investor interest in the company, the range was then increased to between $72 and $74.
Rivian applied to become a publicly traded corporation in the United States on October 1. The target share price was not disclosed in the S-1 paperwork at the time.
The additional information was contained in a revised document filed Monday, which revealed interest in Rivian from both Amazon, a repeat backer, and Blackstone, a newcomer.
