Rivian Automotive Inc, the Ford Motor Co- and Amazon.com Inc-backed electric truck start-up based on Irving, had been working out a plan to reach a market valuation of as much as $70 billion at its potential initial offerings expected to take place later this year, media headlines had unveiled late on Friday.
In point of fact, latest plan from Rivian, the electric truck manufacturer having had manufacturing plants in Canada, UK and the United States, came forth as local media outlets had reported late in February this year that the company might seek a valuation of around $50 billion.
On top of that, Rivian was valued at $27.6 billion following a $2.65 billion fundraising campaign led by T. Rowe Price back in January this year. Although, a market valuation of $70 billion might sound a tad overrated given Rivian’s latest fundraising campaigns, though a US IPO market which appears to be fuelling up exponentially since a robust reopening of US economy alongside massive Government stimulus package signed off into a law on earlier on March, 2021, would more likely to skyrocket Rivian’s valuation above a whopping $70 billion, suggested industry analysts.
Rivian targets $70 billion valuation in US IPO
Aside from that, a Bloomberg News report had unveiled late on Friday that Rivian Automotive Inc., which had yet to roll out an electric truck and SUV but expressed sheer intent to compete with Tesla Inc., the world’s largest carmaker by market valuation, had been working with advisers of leading US lenders and financial services providers likes of Morgan Stanley, JPMorgan Chase & Co and Goldman Sachs Group Inc for its planned initial offerings.
Nonetheless, neither Rivian, nor the lenders had agreed to comment over the Bloomberg news report while being asked.