Amazon-Backed Rivian Automotive Inc. is set for a valuation of $60 billion in its initial public offering next week, according to a report by The WSJ on Monday.
- The Amazon.com Inc.-supported electric vehicle startup plans to price its shares between $57 and $62 per share. At the high end of the price range, that would give Rivian a valuation of over $60 billion.
- The roadshow for management and their underwriters to sell the shares to potential investors starts Tuesday and the shares are poised to start trading on the Nasdaq Stock Market next week under the symbol RIVN.
- The valuation could change by then depending on investor feedback and market circumstances.
- As a private entity, the California-based Rivian has obtained nearly $10.5 billion since the start of 2019 from major backers including Amazon, Ford Motor Co. and Cox Enterprises.
Last week, Amazon disclosed that it holds a 20% stake in Rivian. A $60 billion valuation would make Rivian more valuable than Honda Motor Co (around $53 billion valuation).