FILE PHOTO: R.J. Scaringe, Rivian’s 35-year-old CEO, introduces his company’s R1T all-electric pickup truck at Los Angeles Auto Show in Los Angeles, California, U.S. November 27, 2018. REUTERS/Mike Blake/File Photo
November 5, 2021
(Reuters) – Electric vehicle maker Rivian Automotive Inc, which is backed by both Amazon.com Inc and Ford Motor Co, said on Friday it was targeting a valuation of nearly $65 billion in its initial public offering in the United States.
The company, which last month disclosed nearly $1 billion in losses for the first half of this year, said it will sell 135 million shares at a price range of between $72 and $74 each.
Morgan Stanley, Goldman Sachs and J.P. Morgan are the lead underwriters. Rivian will list on the Nasdaq under the symbol “RIVN”.
(Reporting by Niket Nishant in Bengaluru; Editing by Arun Koyyur)
Source: One America News Network
