Rivian Announces Pricing of Upsized Initial Public Offering

Rivian Automotive, Inc. (“Rivian”) today 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. In addition, 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.

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2022 Rivian R1T (Photo: Business Wire)

The gross proceeds from the offering to Rivian, before deducting underwriting discounts and commissions and other offering expenses payable by Rivian, are expected to be approximately $11.9 billion, 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.

A registration statement relating to the shares being sold in this offering was declared effective by the Securities and Exchange Commission on November 9, 2021. The offering is being made only by means of a prospectus, copies of which may be obtained, when available, from: Morgan Stanley & Co. LLC, Attention: Prospectus Department, 180 Varick Street, 2nd Floor, New York, NY 10014; Goldman Sachs & Co. LLC, Attention: Prospectus Department, 200 West Street, New York, NY 10282, by telephone at (866) 471-2526, or by email at prospectus-ny@ny.email.gs.com; or J.P. Morgan Securities LLC, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, by telephone at (866) 803-9204, or by email at prospectus-eq_fi@jpmchase.com.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or other jurisdiction.

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