Rivian Automotive Inc., the electric truck maker backed by Amazon.com Inc. and Ford Motor Co., plans to raise as much as $8.4 billion in an initial public offering that could give it a value of as much as $53 billion.
Rivian said it plans to sell 135 million shares for $57 to $62 each, according to its filing Monday with the U.S. Securities and Exchange Commission. At the top of that range, Rivian would have a market value of $53 billion based on the outstanding shares listed in its filing. Accounting for employee stock options and restricted stock units, the company’s fully diluted value is close to $60 billion.
That compares with a valuation of $27.6 billion after a $2.65 billion funding round in January, Bloomberg News reported.