Rivian stock is preparing for an initial public offering (IPO) and a new price range for RIVN will see it reach a massive valuation.
The new price range for the Rivian IPO sets RIVN stock between $72 and $74 per share. That could see the company raising close to $10 billion from its IPO while also giving it a valuation of $65 billion.
That increase is nothing to scoff at. The IPO is already on its way to being one of the biggest we’ve ever seen. It’s also a significant boost over the previous max price of $62 per share. That would have valued the company at $53 billion.
So when exactly can traders expect the Rivian IPO to take place? The electric vehicle (EV) company is looking to go public this week. However, an exact date hasn’t been revealed by the company just yet.
It’s worth pointing out that Rivian already has some major names backing it. Amazon (NASDAQ:AMZN) is among them with the e-commerce company holding a 20% stake in the EV maker. AMZN also owns $490 million worth of convertible notes that will become shares of RIVN stock during the IPO.
Another thing to note about the Rivian IPO is that it’s on the way to being the biggest one since Alibaba (NYSE:BABA). The Chinese e-commerce giant went public back in 2014 and raised a whopping $25 billion. While the Rivian IPO doesn’t come close to that, it’s still likely going to be one of the largest in history.
Investors that want more hot stock market news from today are in luck!
InvestorPlace offers up all the latest stock coverage that traders need to know about for Monday! A few examples of that include what to know about the Duddell Street Acquisition (NASDAQ:DSAC) SPAC merger, the infrastructure bill boosting stocks today, as well as what has investors in Chinese education stocks miling. You can get up to speed on all of this news by checking out the links below!
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
