Rivian Automotive, a startup working on electric vehicles, is gearing up for an initial public offering (IPO) and the company is targeting a valuation of $54.6 billion, reveals amended prospectus filed by the company.

The startup says that it is planning to offer 135 million shares priced between $57 and $62, with an option for underwriters to purchase up to 20.25 million additional shares. At the high end of the range, that would give Rivian a valuation of over $60 billion on a fully diluted basis on its market debut.

It is being reported that the company is planning to go public as soon as next week and plans to get listed on the Nasdaq under the ticker symbol “RIVN.”

In its new filing, Rivian said that its investors, including Amazon and T. Rowe Price, have shown interest in buying up to $5 billion in shares in aggregate at the time of the IPO. The company will also be offering retail investors access to purchase a portion of its IPO shares through SoFi’s online brokerage platform.

For those who are unaware, Rivian is an electric vehicle startup which was operating in stealth mode since 2009 and launched its pickup truck and SUV in November 2018. The company was started with the aim of launching the Tesla Roadster competitor, but it pivoted to making SUVs and pickup trucks.

It has been investing heavily to ramp up production, including for its upscale all-electric R1T pickup truck, which was launched in September.

The company has received a significant amount of funding, including a $700 million round led by Amazon in 2019 and $500 million from Ford in April 2019. Recently, the company managed to get another $2.65 billion from T. Rowe and Amazon’s Climate Pledge Fund.

Earlier this year, Amazon announced the purchase of 100,000 delivery vans which will be produced by Rivian as a part of the online retail giant’s ‘Climate Pledge.’ The new delivery vans for Amazon are already operational in some regions in the United States.

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The post EV startup Rivian plans to go public next week; aims $60 billion valuation appeared first on Gizmochina.