Rivian raises $ 12 billion in one of the hottest IPOs in 2021 – TechCrunch

Electric car manufacturer Rivian has priced the first IPO at $ 78 per share, and pushed it far above the target share price when investors appeared in this year’s most anticipated IPO.

Updated: the history has been updated to reflect the regulatory filing figures.

The company offered 153 million ordinary shares at $ 78 per share price, according to regulatory filing posted late Friday night. Rivian also gave underwriters an option to buy an additional 22.95 million shares, a higher number than previously expected.

The gross proceeds from the offer are expected to be around $ 1[ads1]1.9 billion, before commissions, discounts and other expenses are taken into account. This amount also excludes the guarantors’ ability to purchase additional shares. If guarantors exercise these options, Rivian will raise a total of $ 13.8 billion.

On a fully expanded basis, it places Rivian’s valuation at more than $ 77 billion.

The company, which is backed by Amazon, said in a filing earlier this month that it planned to offer 135 million shares at a price between $ 57 and $ 62. Underwriters also had an option to purchase up to 20.25 million additional shares. It then increased the range to between $ 72 and $ 74 due to investor interest in the company.

On October 1, Rivian applied to become a listed company in the United States. The S-1 document did not disclose the targeted share price at that time. An amended document filed Monday provided the new information, which included interest from repeat supporter Amazon and newcomer Blackstone in Rivian.

Amazon, funds and accounts advised by T. Rowe Price Associates, Coatue Management, Franklin Templeton, Capital Research Global Investors, D1 Capital Partners LP, Third Point LLC, funds affiliated with Blackstone Alternative Asset Management, Dragoneer Investment Group LLC and certain entities affiliated with Soros Fund Management LLC has indicated interest in buying up to $ 5 billion in Class A shares.

A recent submission from Amazon shows that the e-commerce giant already has more than a 20% stake in Rivian.

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