Popular electric pickup truck manufacturer, Rivian, reported to be considering launching an IPO to be publicly traded later this year at $50 billion
Rivian seems to have joined the EV public listing frenzy as the company is reported to be looking at launching an initial public offering for its stock. The trend started with Tesla’s incredible performance on the stock market, leading to other electric vehicle companies having an attempt to ride the momentum and raise more funds for their operations. However, Rivian looks set to take a different route as opposed to many EV manufacturers that have gone public through reverse merger SPAC deals.
Some of the deals have come under strong criticisms as many of the companies involved have little to no revenue and are neither close to achieving production. However, it has helped in channeling more funds into the transition to electric vehicles.
Rivian is doing their thing the good old way as the company did not jump off the SPAC bandwagon, with experts attributing their decision to the EV manufacturer having no worries with raising money privately.
The company received a $700 million round of funding led by Amazon in February 2019, with Ford investing another $500 million in the company just two months later. The startup has also named Cox Automotive as an investor with a $350 million round in September, topping its 2019 with a remarkable $1.3 billion round of funding in December.
The fundraising spree for Rivian continued in 2020, with the company going back to the bank to raise another $2.5 billion from existing investors. Rivian started 2021 on a high with a $2.6 billion financing round closing in January.
The EV startup is reported to be eyeing an IPO later in the year at a valuation of $50 billion:
“Rivian Automotive Inc., the electric-vehicle startup backed by Amazon.com Inc. and Ford Motor Co., is looking to go public as soon as September at a valuation of about $50 billion and perhaps more, according to people familiar with the matter.”
Rivian has announced plans to make its first deliveries in June. Consequently, experts predict that the automaker might wait to have some money before going public.
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