Amazon-backed Rivian files for IPO, gears up for blockbuster yr-end flotation

The logo for electric car startup Rivian is observed on the hood of its new R1T all-electric powered truck in Mill Valley, California, U.S., January 25, 2020. REUTERS/Nathan Frandino/File Photo

Aug 27 (Reuters) – Electric car maker Rivian said it has confidentially submitted paperwork with regulators for an initial general public offering, location the phase for a blockbuster calendar year-conclusion marketplace debut as it seems to faucet into a pink-scorching IPO marketplace in the U.S.

Rivian, which counts Amazon.com Inc (AMZN.O), Soros Fund Administration and BlackRock (BLK.N) amongst its main buyers, will seek a valuation of about $70-80 billion at the time of its original community giving, two resources familiar with the make a difference advised Reuters on Friday.

At that valuation, Rivian would have a larger market place capitalization than Basic Motors Co (GM.N), the biggest U.S. automaker. But it would even now be dwarfed by Tesla Inc (TSLA.O),

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