US Electric Vehicle Startup Rivian Raises IPO Price Targeting $65 Billion Valuation

[Image source=AP Yonhap News]

[Asia Economy Reporter Hyunwoo Lee] U.S. electric vehicle startup Rivian has raised its initial public offering (IPO) price range, targeting a corporate valuation of $65 billion (approximately 77 trillion KRW). Rivian, recently gaining attention as a 'rival' to Tesla, the leader in the electric vehicle industry, is expected to reach a valuation comparable to established large commercial vehicle companies like Ford and General Motors (GM) if it achieves this target.

According to CNBC on the 6th (local time), Rivian revised its IPO filing ahead of its Nasdaq listing, raising the price range from $57?$62 per share to $72?$74 per share. The number of shares offered remains the same at 135 million. If the IPO price is set at the upper end of the range, the total offering amount will approach $10 billion, and the corporate valuation is expected to reach $65 billion.

If the IPO succeeds at this price, Rivian's valuation will approach those of traditional large commercial vehicle manufacturers Ford and GM. As of the closing price on the 5th, Ford's market capitalization was about $77 billion, and GM's was about $85 billion.

Previously, Rivian had received approximately $10.5 billion in investments from companies such as Amazon and Ford since 2019, recognizing its electric vehicle manufacturing technology. Founded in 2009 by R.J. Scaringe, a Massachusetts Institute of Technology (MIT) graduate, Rivian has been regarded as a potential rival to Tesla, the leading electric vehicle manufacturer.

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