(WSJ) Rivian Automotive Inc., an Amazon-backed electric-vehicle startup, is looking to sell its shares between $57 and $62 a piece in a public listing next week that will value it at about $60 billion.
Rivian’s blockbuster listing is seen to reflect the growing prospects of electric vehicles despite its lack of revenue and having posted big losses in the past. The company says it began its deliveries and earned a small amount of revenue in the quarter to September 30.
Amazon holds about 20% of stake in Rivian, with other backers that include Ford Motor Co. and Cox, having participated in a consortium that financed the start-up about $10.5 billion at the start of 2019.
Rivian’s shares are expected to start trading on Nasdaq under ticker RIVN.
At the $60 billion valuation, the IPO will be one of the biggest although it could shift based on market conditions and investor feedback. Rivian was valued at $27.6 billion in a funding round in January.
