Rivian Automotive, which manufactures premium electric SUVs, vans, and pickup trucks, raised the proposed deal size for its upcoming IPO on Friday.
The Irvine, CA-based company now plans to raise $9.9 billion by offering 135 million shares at a price range of $72 to $74. The company had previously filed to offer the same number of shares at a range of $57 to $62. New and existing investors Amazon, T. Rowe Price, Coatue Management, Franklin Templeton, Capital Research, D1 Capital Partners, Third Point, Blackstone, Dragoneer Investment Group, and Soros Fund Management intend to purchase $5 billion worth of shares in the offering (51% of the deal). At the midpoint of the revised range, Rivian Automotive will raise 23% more in proceeds than previously anticipated.
At its new proposed deal size, Rivian would surpass Uber's (UBER) 2019 offering to be the biggest IPO since Alibaba (NYSE: BABA) in 2014.
Rivian Automotive was founded in 2009 and plans to list on the Nasdaq under the symbol RIVN. Morgan Stanley, Goldman Sachs, J.P. Morgan, Barclays, Deutsche Bank, Allen & Company, BofA Securities, Mizuho Securities, and Wells Fargo Securities are the joint bookrunners on the deal. It is expected to price during the week of November 8, 2021.
