Rivian Automotive plans to raise with the initial public offering of up to 8.37 billion dollars. The Californian company calculates a price per share that would place its capitalization at 60,000 million dollars, about 51,700 million euros, above Honda or Hyundai.
This startup specializing in electric SUVs has just manufactured the first units of its R1T electric SUV and claims it can manufacture 150,000 vehicles a year. Rivian is already close to its exit to the markets, one of the most anticipated of what remains of 2021.
The company intends to go on the market with a price of between 57 and 62 dollars per share (between 49 and 53 euros, at the current exchange rate), which would mean valuing the entire company at 60,000 million dollars (51,700 million euros), according to official documents released by the Wall Street Journal.
This market valuation would put Rivian above large companies in the sector, such as the Asian brand Honda (52,400 million dollars) or Hyundai (40,440 million) and very close to the Euro-American conglomerate Stellantis (63,520 million).
One of the winners of this exit to the markets would be Amazon, which owns 20% of Rivian's shareholding in preferred shares, as recognized by the company in its accounts for the third quarter of 2021.
The e-commerce giant has so far invested $ 1.3 billion in Rivian, which in 2019 it ordered 100,000 electric vans, which it began testing in Los Angeles (California, United States) in February 2021.
Ford is also present in Rivian since it invested 500 million dollars in April, so its position in the electric car company would be about 820 million dollars. Rivian reported to the SEC, the control agency of the market of American values.
In total, the Californian company has received $ 10.5 billion in different rounds of financing since 2019.
This record valuation is based more on growth expectations than on the current reality of the Californian company, which in the third quarter expects to lose between 1,175 and 1,275 million dollars, four times more than in the same period of 2020, according to the Last report reported to the SEC.
Rivian has already started producing its first model, the R1T electric off-road truck; the first 12 models were produced this September and has already made its first deliveries to customers. So far, it has more than 48,000 pre-booked vehicles in the United States and Canada alone.
The Californian company intends to begin production of the R1S SUV and EDV electric van in December. It estimates that with its current factory in Norman, Illinois, it can produce 150,000 electric vehicles per year. But, according to Reuters, in July, among his plans is to open a new plant in a few months.