Ford-Backed Tesla Rival Rivian Looks to Raise $8.4 Billion in IPO: What You Need to Know

A Rivian R1T electric truck drives down a highway near the entrance to Blue Origin's Launch Site One outside of Van Horn, Texas, on Oct. 12, 2021. Patrick T. Fallon/AFP via Getty Images

Rivian Automotive Inc, an electric vehicle manufacturer backed by Amazon.com Inc. and Ford Motor Co., is looking to raise about $8.4 billion in an initial public offering.

What Happened

Rivian plans to sell up to 135 million shares in the range of $57 to $62 per share, which would translate to funds raised around $8.4 billion, according to a filing with the U.S. Securities and Exchange Commission. There would also be a greenshoe option for underwriters to buy another 20.25 million shares, which could translate into another $1.25 billion.

Rivian intends to list its Class A common stock on the Nasdaq with the ticker “RIVN.”