Rivian Automotive Inc., an electric truck maker company said it has confidentially submitted paperwork with the U.S. Securities and Exchange Commission to go public.
Rivian, backed by Amazon and Ford motor announced on Friday that it has confidentially submitted a draft registration statement on Form S-1 to the Securities and Exchange Commission (the “SEC”) relating to the proposed public offering of its common stock.
The size and price range for the proposed offering have yet to be determined, Rivian said.
The initial public offering is expected to take place after the SEC completes its review process, subject to market and other conditions, Ravian said in the statement.
The company did not share a post-money valuation at the time of the July 2021 announcement.
Rivian, which now employs 7,000 people, is set 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.
Ahead of the first deliveries of the R1T, Rivian has confidentially filed for its IPO, according to Bloomberg. Sources also stated that Rivian would seek an $80 billion valuation, which would make it the sixth-most valuable car company in the world, displacing General Motors with a valuation of $72.22 billion. Daimler is fifth with an $89.76 billion valuation.
Freelance Writer
