Rivian Automotive Inc. (RIVN) is going public today. The electric vehicle-maker is slated to be the seventh-largest IPO on a US stock exchange in history, and the biggest public offering for a US company since Facebook in 2012.
What does Rivian make? The company just started to deliver vehicles from its Illinois plant a few months ago. It’s fist products will include an SUV (the R1S), a pickup truck (the R1T) and a commercial delivery van.
Based on the share count, Rivian is valued at about $76.4 billion dollars on a fully diluted basis that accounts for stock options. That, compared with a valuation of $27.6 billion dollars after a $2.65 billion dollar funding round in January is quite a difference.
Rivian, founded by RJ Scaringe, was once an under-the-radar prospect. But in 2019, Jeff Bezos put the electric vehicle-maker on the map when it announced an order of 100,000 commercial delivery vans for its delivery routes. Amazon owns 22% of the company and Bezos has said that Scaringe is “one of the greatest entrepreneurs I’ve ever met.”
Founder and Wealth Manager Marc Bautis recently wrote about the IPO in last week’s installment of the Bautis Financial Advisor Commentary.
Get instructions on how to enable our Flash News Briefing skill to your Amazon devices: