Amazon-backed electric vehicle maker Rivian Automotive Inc. said Monday it expects its shares to be priced between $57 and $62 as it moves closer to its initial public offering.
Based on the high end of that range, the vehicle maker’s proposed to raise as much as $9.6 billion in its IPO, according to a regulatory filing Monday.
The Irvine-based company would be valued at around $53 billion at the high end of the price range.
Rivian is expected to trade under the ticker RIVN on the Nasdaq.
The company in late August filed a confidential draft registration statement of its intent to go public. Reports at the time pegged the company’s valuation to be as much as $80 billion.
The company has raised $10.5 billion to date from investors such as Amazon.com Inc.’s Climate Pledge Fund, Ford Motor Co., accounts advised by T. Rowe Price and Fidelity Management among others.
Amazon.com Inc. last week disclosed in a regulatory filing its roughly 20% stake in Rivian, which it valued at $3.8 billion at the end of the third quarter. That was up from $2.7 billion at the end of last year.
