Rivian’s stock price soared on Monday, five days following its initial public offering (IPO) Wall Street debut raising the company’s value to more than $100bn. This mark the biggest Wall Street debut since Facebook.
On Thursday, Rivian Automotive announced the pricing of its upsized initial public offering of 153,000,000 shares of Class A common stock at a public offering price of $78.00 per share. At the time of print Rivian stock registered at $129.95 and it is forecast to reach $132 by the end of trading on Monday.
Rivian has granted the underwriters a 30-day option to purchase up to an additional 22,950,000 shares of Class A common stock at the initial public offering price, less underwriting discounts and commissions. Rivian’s Class A common stock is expected to begin trading on the Nasdaq Global Select Market on November 10, 2021, under the ticker symbol “RIVN.” The offering is expected to close on November 15, 2021, subject to the satisfaction of customary closing conditions.
The electric automaker plans to deliver about 1,000 consumer vehicles by the end of 2021, is now valued more than Daimler, the owner of Mercedes-Benz.
The company said that the gross proceeds from the IPO, before deducting underwriting discounts and commissions and other offering expenses payable by Rivian, are expected to be approximately $11.9bn, excluding any exercise of the underwriters’ option to purchase additional shares.
Morgan Stanley, Goldman Sachs & Co. LLC and J.P. Morgan are acting as lead book-running managers for the offering. Barclays, Deutsche Bank Securities, Allen & Company LLC, BofA Securities, Mizuho Securities and Wells Fargo Securities are acting as additional book-running managers for the offering. Wolfe | Nomura Strategic Alliance, Piper Sandler, RBC Capital Markets, Baird, Wedbush Securities, Academy Securities, Blaylock Van, LLC, Cabrera Capital Markets LLC, C.L. King & Associates, Loop Capital Markets, Ramirez & Co., Inc., Siebert Williams Shank and Tigress Financial Partners are acting as co-managers for the offering.
In 2018, the electric vehicle manufacturer unveiled its Electric Adventure Vehicles — the R1T, an all-electric pickup and the R1S, an all-electric SUV.
The foundation of the R1T and R1S is Rivian’s skateboard platform, which efficiently packages the battery pack, drive units, suspension, braking and thermal system all below the height of the wheel, leaving the space above for occupants and their gear.
Beyond the packaging benefits, this architecture delivers a low centre of gravity that supports the vehicle’s agility and stability. Adding to these inertial advantages is a sophisticated suspension architecture with unequal length double wishbone suspension in the front and a multi-link suspension in the rear. The suspension features dynamic roll control and adaptive dampers along with ride-height adjustable air-suspension – allowing the suspension to be adjusted for highway comfort, on-road performance or off-road capability.
Rivian’s vehicles also feature a quad-motor system that delivers 147kW with precise torque control to each wheel, enabling active torque vectoring and maximum performance in every situation, from high-speed cornering to low-speed rock crawling. With 3,500 Nm of grounded torque per wheel (14,000 Nm of torque for the full vehicle), the R1T and R1S can both reach 60 mph in 3 seconds and 100 mph in less than 7 seconds. This powertrain and chassis also enable the R1T’s tow rating of 11,000 pounds.
The R1T and R1S designs communicate strength and refinement while still inviting customers to get the vehicles dirty. Strong proportions and clean, continuous bodylines help achieve a modern, inviting stance while acknowledging the performance and level of technology integrated into the vehicles.
The main bodyline of the R1T, which wraps up and around the cab and gives the vehicle a distinctive silhouette, while highlighting the Gear Tunnel™ cutline and accentuating the rear fender flares. The R1S shares much of its appearance with the R1T but in the rear highlights a function-driven design expressing capability and utility with plenty of space for occupants and gear. Both vehicles feature short overhangs, high ground clearance and aggressive approach and departure angles for a confident and rugged stance, all enabled by Rivian’s unique skateboard platform. A Rivian will be quickly recognized, with its iconic, signature “stadium” headlights and a daytime running light that extends the entire width of the vehicle.
In harmony with the exterior, the interior of Rivian’s vehicles welcomes occupants into a premium environment that conveys craftsmanship yet invites rugged, daily use. Colour and materials play an important role in differentiating Rivian vehicles. Sustainably sourced wood is used throughout the interior and its natural finish contributes to a warm and inviting feel. The most striking use of wood is as a structural element that integrates the main centre display and driver cluster, integrating form and function beautifully. In the high-wear areas of the interior, the materials take inspiration from sportswear and active gear, combining durable and innovative materials that can easily be cleaned.
Rivian’s energy-dense battery module and pack were developed with the most demanding journeys in mind — incorporating tough underbody protection and an advanced cooling system to give occupants the confidence to go further, regardless of terrain or temperature. Adaptive control algorithms learn driver behaviour, optimizing user-specific battery management for maximizing battery life, reliability and second-life reusability. Three battery sizes are planned, with the 180 kWh and 135 kWh available at launch and a 105 kWh being made available within six months.
The battery is designed for fast charging with charging rates of up to 160kW. This enables approximately 200 miles of range to be added in 30 minutes of charging. In addition to DC fast-charging, an 11kW onboard charger facilitates rapid charging at a Level 2 charger.