Rivian Prices IPO At $78/shr, Above Proposed Range

Rivian Automotive Inc., the electric van and truck maker backed by Amazon.com (AMZN) and Ford (F), said Tuesday that it has priced its upsized initial public offering of 153 million shares of Class A common stock at $78.00 per share, which is above its previously revised range of $72 - $74 per share.

In addition, Rivian has granted the underwriters a 30-day option to purchase up to an additional 22.95 million shares of Class A common stock at the initial public offering price, less underwriting discounts and commissions.

Rivian's Class A common stock is expected to begin trading on the Nasdaq Global Select Market on November 10, 2021, under the ticker symbol "RIVN." The offering is expected to close on November 15, 2021.

Rivian expects the gross proceeds from the offering to the company, before deducting underwriting discounts and commissions and other offering expenses, to be about $11.9 billion, excluding any exercise of the underwriters' option to purchase additional shares.

Morgan Stanley, Goldman Sachs & Co. LLC and J.P. Morgan are acting as lead book-running managers for the offering. Barclays, Deutsche Bank Securities, Allen & Company LLC, BofA Securities, Mizuho Securities and Wells Fargo Securities are acting as additional book-running managers for the offering.

On Friday, Rivian said it expected to price its initial public offering of 135 million shares between $72 and $74 per share, up from an earlier range of $57 to $62 per share.

Irvine, California-based Rivian was founded in 2009. It has raised about $10.5 billion since 2019. In February 2019, Amazon announced it would be leading an investment round of $700 million into Rivian. The round included participation from existing shareholders as well. In April 2019, Ford invested $500 million. Last month, Amazon revealed that it has a 20% stake in the electric vehicle manufacturer.

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