The Limited Times

Now you can see non-English news...

Electric vehicles: Rivian raises 11.9 billion for its entry on Wall Street

2021-11-10T05:43:49.998Z


This represents a valuation of 67.9 billion dollars if stock options and other convertible shares are not taken into account.


Rivian, an American manufacturer of pick-ups, SUVs and electric vans, announced on Tuesday evening, November 9, that it had raised $ 11.9 billion on the occasion of its IPO on Wall Street with an IPO price of $ 78 share and by issuing more securities than initially planned.

This represents a valuation of 67.9 billion dollars if stock options and other convertible shares are not taken into account.

This level is well above what the company expected in early November, when it proposed a range of between $ 57 and $ 62 per share.

Read also Rivian wants to go public at a valuation of more than $ 50 billion

The company had initially planned to issue 135 million new securities for the occasion, but in view of investor demand, increased this amount to 153 million, she said in a statement released Tuesday evening. It also reserved the right to issue an additional 22.95 million shares within 30 days at the IPO price. If this option is exercised, the company will have raised $ 13.7 billion in new money and would be valued at $ 69.7 billion.

The group will thus make a stormy entry into the Nasdaq under the symbol RIVN since it is valued almost as much as Ford (80.4 billion) or General Motors (85.11 billion) even though the company has just released its first production line vehicles.

It delivered its first pick-ups, baptized R1T, in September and plans to sell its first SUV, the R1S, in December.

At the end of October, it had an order book for 55,4000 R1T and R1S which it expected to deliver by the end of 2023. Rivian also plans to deliver 100,000 vans to Amazon by 2030.

A "somewhat saturated" market

The company is capitalizing on the investor craze for electric vehicles, which saw Tesla recently rise above the symbolic $ 1,000 billion market cap mark.

It was founded in 2009 by Robert Scaringe, a car enthusiast who wanted from the end of his studies to focus on a means of transport that pollutes less than a traditional automobile.

He initially thought about developing a sports car but changed his niche in 2012 to look at bigger vehicles.

Rivian is sometimes presented as the new "Tesla" in this niche.

Read also Electric vehicle maker Rivian prepares for debut on Wall Street

Source: lefigaro

All business articles on 2021-11-10

You may like

News/Politics 2024-02-28T09:05:31.084Z

Trends 24h

Latest

© Communities 2019 - Privacy

The information on this site is from external sources that are not under our control.
The inclusion of any links does not necessarily imply a recommendation or endorse the views expressed within them.