According to Friday’s securities filing, EV maker Rivian plans to offer 135 million shares priced between $72 and $74. Price range is up from $57 to $62. The listing is to take place Wednesday (local time).
If the underwriters exercise the option to purchase an additional 20.25 million shares, the company would be worth over $65 billion.
Rivian plans to list on Nasdaq under the ticker symbol “RIVN,” according to its IPO prospectus.
Amazon disclosed a 20% stake in Rivian.
The company, backed by Amazon and Ford, announced its listing last week to foreign media.
Based on its high valuation, Rivian would be just slightly less valuable than traditional automotive behemoths like GM and Ford. However, in regards to the latest filings, the company has never generated significant revenue. It only expects to earn at most $1 million in the quarter that ended Sept. 30. Moreover, the company lost $994 million during the first six months of the year.
Rivian would have the power to challenge a slew of electric vehicle startups and recently listed firms in the United States, including Fisker, Lordstown Motors, and Lucid, as well as a tie with Chinese electric vehicle maker Nio.
The company is developing last-mile commercial delivery vans for Amazon. It also has recently begun production on its highly anticipated electric pickup, the R1T. Last week, Rivian revealed in a modified securities filing that it plans to deliver 1,000 R1Ts by the end of the year.
A former Rivian executive, Laura Schwab, revealed in a lawsuit filed against the company that she had voiced concerns about the company’s ability to deliver to investors. She said she was dismissed, along with complaints that female employees were excluded from important meetings and marginalized.
Rivian declined to comment on the lawsuit and Laura Schwab’s allegations.