Rivian Goes Public

Rivian goes public. Electric vehicle maker Rivian expects $11.9 billion from the IPO.

Amazon and Ford Motor Co. Rivian, the electric vehicle manufacturer supported by large companies such as Tesla Inc., is going public in order to find a place for itself in the electric vehicle market led by Tesla Inc. Rivian has set the IPO pricing at $78 per share to raise $11.9 billion in funding. Sources stated that Rivian sold 153 million shares in bookkeeping. According to data compiled by Bloomberg, Rivian's $11.9 billion sale will make this transaction the largest in 2021 and the sixth largest on a U.S. exchange. This IPO comes with Rivian delivering its first vehicles just a few months ago, mostly to its own employees. By the end of this year, the company will produce approximately 1,200 vehicles at its factory in Illinois. The company, which made a loss of approximately 1 billion dollars in the first half of the year, predicts its annual production to reach 150 thousand by the end of 2023. Sources stated that Rivian's value is approximately $76.4 billion, when the number of shares and stock options are taken into account.