Rivian should start delivering its cars in September, but there were rumors that it would sell shares before it handled any vehicle to its customers. According to an official press release, that will not be the case by only a few weeks. In it, Rivian said that it had to inform that it “confidentially submitted a draft registration statement” to SEC (Securities and Exchange Commission) to achieve a “proposed public offering of its common stock.”
Bloomberg talked with people familiar with the matter and learned that the company expects to reach a market cap of $80 billion. For an automaker that is yet to deliver its first vehicles, that would be a significant number. Toyota’s current market cap is $243.5 billion, and the most valuable American car company apart from Tesla is GM, at $72.6 billion.
Rivian avoided using a SPAC (Special-Purpose Acquisition Company) to go public, which is worth noting. Most new car companies used that method to make things easier, but some had issues, and the SPAC solution became significantly associated with them.
According to Rivian, the IPO (Initial Public Offering) should take place as soon as SEC completes its review process. According to Bloomberg, the company expects that to happen close to the November 25 Thanksgiving holiday in the U.S. Rivian also stressed it only released the information to comply with “Rule 135 under the Securities Act of 1933,” which is very typical of the way the company has always behaved.
Instead of making big announcements to attract investors, Rivian works silently and just presents what it is up to when things and products are almost ready. This sort of approach may have attracted investors such as Amazon, Ford, and Cox Automotive to back Rivian up.
With the money raised from these investors, Rivian is already pursuing establishing two new factories apart from the one it bought from Mitsubishi in Normal, Illinois. In the U.S., one of the strongest candidates to have the new plant is Fort Worth, Texas. In Europe, the UK is disputing Rivian’s preference with Germany and the Netherlands.
Rivian avoided using a SPAC (Special-Purpose Acquisition Company) to go public, which is worth noting. Most new car companies used that method to make things easier, but some had issues, and the SPAC solution became significantly associated with them.
According to Rivian, the IPO (Initial Public Offering) should take place as soon as SEC completes its review process. According to Bloomberg, the company expects that to happen close to the November 25 Thanksgiving holiday in the U.S. Rivian also stressed it only released the information to comply with “Rule 135 under the Securities Act of 1933,” which is very typical of the way the company has always behaved.
Instead of making big announcements to attract investors, Rivian works silently and just presents what it is up to when things and products are almost ready. This sort of approach may have attracted investors such as Amazon, Ford, and Cox Automotive to back Rivian up.
With the money raised from these investors, Rivian is already pursuing establishing two new factories apart from the one it bought from Mitsubishi in Normal, Illinois. In the U.S., one of the strongest candidates to have the new plant is Fort Worth, Texas. In Europe, the UK is disputing Rivian’s preference with Germany and the Netherlands.