Rivian Lures Blackstone, Coatue to IPO of Up to $8.4 Billion

Bloomberg2021-11-02

(Bloomberg) -- Rivian Automotive Inc., the electric truck maker backed by Amazon.com Inc., is seeking to raise as much as $8.4 billion in an initial public offering that could give it a market value ...

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NanOo
2021-11-03
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That compares with a valuation of $27.6 billion after a $2.65 billion funding round in January, Bloomberg News reported.\nThe listing would eclipse the June IPO by XPeng Inc. as the largest ever for an EV maker IPO. XPeng raised more than HK$16 billion ($2 billion) including so-called greenshoe shares in its Hong Kong IPO. Electric-vehicle leader Tesla Inc., with a current market value of $1.2 trillion, raised $260 million listing in 2010.\nRivian has attracted cornerstone investors that indicated interest in buying up to $5 billion of the IPO shares, its filing shows. That share deal will include participation from investors -- current as well as new -- including Amazon.com Inc., T. Rowe Price, Coatue Management, Franklin Templeton, Capital Research Global Investors, D1 Capital, Third Point Investors, Blackstone Inc., Dragoneer Investment Group and Soros Funds.\nIrvine, California-based Rivian was seeking to be valued at about $80 billion in a listing, Bloomberg News reported in August when the company announced that it had filed confidentially for an IPO.\nScaling Up\nThe company’s IPO plans come as electric vehicle makers are scaling up, angling for a bigger slice of the growing market. With $10.5 billion raised from backers including Amazon and Ford Motor Co., an established factory in Illinois and thousands of reservation holders for its R1T truck and R1S sport utility vehicle, Rivian is among the most serious competitors lining up to take on Tesla.\nAs of Oct. 31, 2021, Rivian had non-binding preorders for about 55,400 of its R1Ts and R1Ss in the U.S. and Canada. Sales of its debut trck, the R1T, began in September. The company cautioned that, though, sales of the R1S and EDV models are planned for December, those plans could be delayed.\nAs of Oct, 31, Rivian had produced 180 R1Ts and delivered 156 of them, according to the filing. It said it intend to produce about 1,200 R1Ts and 25 R1Ss and deliver approximately 1,000 R1Ts and 15 R1Ss by the end of the year.\nRivian had a net loss of $994 million in the first six months of 2021, compared with a $377 million deficit a year earlier, according to its filings. Rivian expected to record a quarterly net loss of up to $1.28 billion due to costs associated with the start of production of the R1T.\nIn addition to Amazon, Rivian’s biggest investors include affiliates of T. Rowe Price, Global Oryx Co. and Manheim Investments, its filings show.\nCustomer Allotment\nRivian plans to allocate up to 7% of its shares to eligible U.S. customers who had pre-orders as of Sept. 30. To attract retail investors, up to 0.5% of the IPO shares will be allocated to SoFi Securities LLC’s online brokerage platform. Founder and Chief Executive Officer R.J. Scaringe is expected to maintain outsize influence over Rivian through a class of stock giving him 10 votes per share, compared with one vote each for th shares sold in the IPO.\nThe offering is being led by Morgan Stanley, Goldman Sachs Group Inc. and JPMorgan Chase & Co. More than 20 banks are listed on the cover page of its prospectus. Rivian plans for its shares to trade on the Nasdaq Global Select Market under the symbol RIVN.","kind":null,"is_publish_news":true,"is_publish_highlight":true,"is_publish_live":null,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[{"id":841871531,"gmtCreate":1635903790196,"gmtModify":1635903790311,"author":{"id":"3552212780175300","authorId":"3552212780175300","name":"NanOo","avatar":"https://static.tigerbbs.com/82b046b3affde9b82c0ef3e72438182c","vip":1,"crmLevel":2,"crmLevelSwitch":0},"htmlText":"Waiting to buy..","listText":"Waiting to buy..","text":"Waiting to buy..","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/841871531","repostId":1175906465,"repostType":2,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"CN"}],"isCommentEnd":false,"newsSizeData":{"likeSize":18,"commentSize":1,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":false,"deviceId":"web-server-community-laohu8-v3","version":"4.25.1","shortVersion":"4.25.1","platform":"web","vendor":"web","appName":"laohu8","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/1175906465"}