[Stay on top of transportation news: Get TTNews in your inbox.]
Rivian Automotive Inc., the electric truck maker backed by Amazon.com Inc., has elevated the marketed range of its initial public offering to raise as much as $10 billion.
The company plans to sell 135 million shares at $72 to $74 each, Rivian said in an updated filing to the U.S. Securities and Exchange Commission on Nov. 5. It had marketed the shares at $57 to $62 apiece, according to a document on Nov. 1.
At the top end of the revised range, the company will have a market capitalization of $63 billion, according to Bloomberg’s calculation. Accounting for employee stock options and restricted stock units, the company’s fully diluted value would be around $71.3 billion.
At $10 billion, the IPO would be the seventh-largest U.S. IPO on record, according to data compiled by Bloomberg.
Rivian was valued at $27.6 billion in a funding round in January, Bloomberg News reported.
Cornerstone investors, including Amazon.com, T. Rowe Price, Coatue Management and Blackstone Inc., have committed to buying $5 billion of the IPO shares.
Want more news? Listen to today's daily briefing below or go here for more info: