US Weekly IPO and SPAC Monitor – Hertz and Rivian Automotive

#29049
Truman
Participant

Rivian Automotive prices upsized IPO at $78, well above the upwardly revised range, to become largest IPO since Alibaba
November 10, 2021
RIVN
Rivian Automotive, which manufactures premium electric SUVs, vans, and pickup trucks, raised $11.9 billion by offering 153 million shares at $78, above the upwardly revised range of $72 to $74. The company offered 18 million more shares than anticipated. It originally planned to offer its shares at $57 to $62, before raising the range this past Friday. New and existing investors had indicated on $5 billion worth of shares in the offering (42% of the deal).

At $11.9 billion, Rivian is now the largest IPO of 2021, and the largest IPO since Alibaba (NYSE: BABA) in 2014.

In September, Rivian began making deliveries of its first generation consumer vehicle, the R1T, a two-row five-passenger pickup truck priced at around $70,000. The company also plans to launch the R1S, a three-row seven-passenger SUV, in December 2021. At quarter-end, it had approximately 48,000 preorders for the consumer vehicles with $1,000 refundable deposits. In the commercial market, Rivian collaborated with key investor Amazon.com to develop an electric delivery van with an initial order volume of 100,000 vehicles.

Rivian Automotive plans to list on the Nasdaq under the symbol RIVN. Morgan Stanley, Goldman Sachs, J.P. Morgan, Barclays, Deutsche Bank, Allen & Company, BofA Securities, Mizuho Securities, and Wells Fargo Securities acted as joint bookrunners on the deal.