Amazon-backed Rivian to make stock market debut

Electric vehicle maker Rivian is set to make its highly-anticipated debut Wednesday on the Nasdaq under the ticker symbol RIVN. 

On Tuesday evening, the company priced its initial public offering, which will sell 153 million shares at $78 apiece to raise approximately $11.9 billion. In addition, Rivian has granted underwriters a 30-day option to purchase up to 22.95 million additional shares at the IPO price. 

Rivian is valued at more than $77 billion on a fully-diluted basis, according to the Wall Street Journal, in line with the market values of automotive giants General Motors and Ford. 

RIVIAN PRICES SHARES AT $78 IN HIGHLY ANTICIPATED IPO

Rivian, which was founded in 2009 and is backed by investors including Amazon and Ford, said in its amended IPO prospectus that it will lose up to $1.28 billion in the third quarter and that revenue will range from zero to $1 million. Rivian, which currently describes itself as a “developmental stage company”, has not generated any material revenue to date. 

Amazon holds a 22.4% stake in the company, while Ford holds a 14.4% stake in the company, according to the filing.

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Rivian recently began production and deliveries of its R1T passenger pickup truck in September, which starts at $67,500 and has an EPA-estimated 314 miles of range on a single charge. As of Sept. 30, Rivian produced 11 R1Ts and delivered 12R1Ts and, as of Oct. 31, produced 180 R1Ts and delivered 156 R1Ts. 

“Nearly all of these vehicles were delivered to Rivian employees, and we expect to ramp deliveries to third-party customers as we increase our production rate,” the company said.

Rivian recently began production and deliveries of its R1T passenger pickup truck in September, which starts at $67,500 and has an EPA-estimated 314 miles of range on a single charge.  (Rivian)

Rivian is also developing a three-row, seven-passenger SUV, the R1S, which starts at $70,000, has an EPA-estimated 316 miles of range on a single charge and is expected to begin deliveries in December following completion of ongoing vehicle validation and all required testing.  

Rivian is developing a three-row, seven-passenger SUV, the R1S, which starts at $70,000, has an EPA-estimated 316 miles of range on a single charge and is expected to begin deliveries in December following completion of ongoing vehicle validation and (Rivian)

Rivian said it has accepted preorders for approximately 55,400 R1 vehicles in the United States and Canada, which it expects to fill by the end of 2023. The company plans to produce approximately 1,200 R1Ts and 25 R1Ss and deliver approximately 1,000 R1Ts and 15 R1Ss by the end of 2021. 

Amazon has ordered…