Rivian Raises $12b In One Of The Hottest Ipos Of 2021

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Rivian, an electric car manufacturer, priced its IPO at $78 per share, much above its target price, as investors rushed to the year’s most anticipated IPO.

According to a regulatory document issued late Tuesday evening, the business offered 153 million shares of ordinary 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.

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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 acquire more shares. Rivian may raise a total of $13.8 billion if underwriters exercise those options.

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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 issue 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 firm, the range was subsequently increased to between $72 and $74.

Rivian applied to become a publicly listed 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 investor, and Blackstone, a newcomer.

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