Monday, October 18, 2021
Home > BUSINESS > Amazon and Ford Backed ‘Rivian’ to go Public at Valuation of $80 Billion

Amazon and Ford Backed ‘Rivian’ to go Public at Valuation of $80 Billion

Rivian Automotive Inc., an electric vehicle company, that has been backed by the companies Ford and Amazon, has been reportedly planning to go public by filing an IPO, and according to the reports, the company ‘Rivian’ has now filed a confidential paperwork with the Securities and Exchange Commission of the United States for an IPO and the company is also seeking a valuation of around 80 million dollars.

The report is also saying that, the company has now selected JPMorgan, Goldman Sachs and Morgan Stanley as the underwriters for the IPO of the company, and Rivian also said, the price range and size of the proposed offering is still be determined yet, and the company based in California has now raised around 10.5 billion dollars since 2019.

Rivian has also been building a fully electric SUV (sport utility vehicle) along with a pickup truck on a platform that can provide support for the future vehicles and also being adapted by the several other companies, and an electric van has also being built, and all the three vehicles had been slated for being delivered to the customers in the year 2021, and it is also going to be revealed.

The company ‘Amazon’ announced that, it is going to be leading an investment or around 700 million dollars in the company ‘Rivian’ and this investment has been including the participation from all the existing shareholders, and on the other side, Ford has invested around 500 million dollars in the month of April 2019.