Amazon-backed electric vehicle (EV) maker Rivian sold shares in its initial public offering (IPO) at $78 per share, above its target range, to raise about $10.5 billion, people familiar with the matter said on Tuesday.
The IPO gives Rivian a valuation of about $66.5 billion. The flotation ranks among the top 10 IPOs of all time in the United States, according to data from Dealogic.Rivian priced 135 million shares at $78 per share, the sources said, requesting anonymity as the talks are confidential. On Friday, Rivian had boosted its price range to $72 to $74 per share, up from an earlier range of $57 to $62 a share.
Founded in 2009, Rivian has been investing heavily to ramp up production. It is doubling down on production of its upscale all-electric R1T pickup truck, which was launched in September. The EV maker had about 55,400 R1T and R1S pre-orders in the United States and Canada as of Oct. 31, according to a recent regulatory filing.
Rivian said it had started deliveries of the R1T and had recorded revenue for the three months ended Sept. 30. The net loss for that period, however, is estimated to increase due to higher production costs., which recently disclosed it holds an approximately 20% stake in Rivian, has ordered 100,000 of Rivian's electric delivery vans as part of the e-commerce company's broader effort to cut its carbon footprint.
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