Irvine, California — Electric automaker Rivian is set to launch its initial public offering in the second week of November, with a proposed valuation of just over US$60 billion, according to a report from the Wall Street Journal.
Rivian disclosed its target valuation in an updated regulatory filing Nov. 1, said the WSJ. The automaker began pitching introductory shares to investors Nov. 2, while trading will begin on the Nasdaq Stock Market will start next week under the symbol RIVN.
Rivian confidentially filed for its IPO in late Sept., aiming for a valuation of at least US$80 billion—a sum that would have put Rivian above General Motors. It also sought a US$70 billion IPO in May.
Based in Irvine, California, Rivian is backed by many high-profile companies, including Amazon, which has a 20 percent stake in the automaker.
