The Electronic Vehicle startup, Rivian has filed for an IPO. Moreover, all the paperwork was done confidentially with the U.S. Securities and Exchange Commission. Furthermore, a host of institutional and strategic investors back the startup. These investors include Ford and Amazon.
However, the company hasn’t disclosed the exact size and price of the offering. The initial public offering is expected to take place after the SEC completes its review process. This is subject to market and other conditions, the brief statement said.
Details on Rivian filing for an IPO
Rivian filed for an IPO confidentially. This comes less than two months since Rivian announced it had closed a $2.5 billion private funding round. This round was led by Amazon’s Climate Pledge Fund, D1 Capital Partners. Furthermore, Ford Motor and funds and accounts advised by T. Rowe Price Associates Inc. Third Point, Fidelity Management and Research Company, Dragoneer Investment Group and Coatue also participated in that round.
The electric automaker, which now employs 7,000 people, is preparing to deliver its R1T pickup truck in September. The road to producing the R1T and an accompanying SUV requires capital, which Rivian has had little trouble raising. Rivian has raised roughly $10.5 billion to date. In January, the company brought in $2.65 billion from existing investors T. Rowe Price Associates Inc., Fidelity Management and Research Company, Amazon’s Climate Pledge Fund, Coatue, and D1 Capital Partners. New investors also participated in that round, which pushed Rivian’s valuation to $27.6 billion