Por Anirban Sen, Ben Klayman y Noor Zainab Hussain
Aug 27 (Reuters) – Electric vehicle maker Rivian said it has submitted confidential documentation to regulators for an initial public offering (IPO), setting the stage for a successful market debut at the end of the year as it seeks to take advantage of booming sales outlets. bag in the United States.
Rivian, which counts Amazon.com Inc, Soros Fund Management and BlackRock among its main investors, will seek a valuation of about $ 70-80 billion at the time of its IPO, two sources familiar with the matter told Reuters.
At that valuation, Rivian would have a larger market capitalization than General Motors Co, America’s largest automaker, but still lagging behind Tesla Inc, which has a market capitalization of nearly 700 billion and currently plans to build a truck that It would compete with Rivian’s own version.
Rivian’s IPO is expected to lead US IPOs in the latter part of the year, a market that has so far raised a record of more than $ 225 billion this year, according to Dealogic data.
Several high-profile companies, including Chinese transportation giant Didi Global, South Korean e-commerce firm Coupang, and cryptocurrency trading platform Coinbase Global, have already taken advantage of record activities in the capital markets this year. and its shares were listed on the US stock exchanges.
Several other large firms are expected to go public in the last quarter of the year, including chipmaker GlobalFoundries, restaurant software provider Toast, and private equity giant TPG, among others.
Rivian did not provide any other details about its IPO plans on Friday. He is expected to lift the veil on his finances for the first time in a public presentation in the coming weeks.
The company is one of the best-funded startups in the United States. It raised $ 10.5 billion since early 2019, including $ 2.5 billion in July in a round led by Amazon and Ford Motor Co.
