Rivian Automotive Inc., the maker of electric pickups backed by Amazon.com Inc., has filed for an initial public offering and is seeking a roughly $80 billion valuation, according to people familiar with the matter…
The Irvine, California-based startup said in a statement Friday that it submitted its S-1 registration to the Securities and Exchange Commission, confirming an earlier report by Bloomberg News. The company would like to do an IPO around the Nov. 25 Thanksgiving holiday, said the people, who asked not to be identified because the filing was confidential. The timing will depend on approval from the SEC.
Should Rivian go public at an $80 billion market capitalization, it would be one of the biggest debuts on that basis this year. 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 electric-vehicle leader Tesla Inc.
Rivian said in its statement that the size and price range for the proposed offering have not yet been determined. The company is working on the IPO with advisers including Goldman Sachs Group Inc., JPMorgan Chase & Co. and Morgan Stanley, Bloomberg News reported in May.
Amazon shares rose as much as 0.6% shortly after the start of regular trading, while Ford advanced more than 2%. Rivian’s institutional investors include T. Rowe Price, BlackRock, Soros Fund Management, Fidelity, Coatue and Third Point.
While the company has a who’s-who list of backers, it has yet to…
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