Rivian is inching closer to the public markets, with the venture capital-backed electric sports car maker filing for an initial public offering.
The $25bn (£17.2bn) electric car company, backed by the likes of venture capital heavyweights Google Capital and Morningside Ventures, filed confidentially with the US Securities and Exchange Commission on Friday. The filing said Rivian plans to raise up to $175m in the IPO.
If the company goes ahead with its plans to list on the Nasdaq under the symbol RAVI, it could attract a valuation over $50bn, according to a source close to the company.
The IPO plans come as Rivian seeks to capitalise on an expanding momentum of electric car makers. Elon Musk’s electric car firm Tesla (TSLA – Get Report) was valued at more than $150bn at the end of 2017, driven by its robust growth.
Rivian’s electric SUV, the RAV4, is set to launch in 2019 after it won first place in the inaugural 2018 Electric Car of the Year awards for the RI75 that has been out on the road since April. It aims to help Rivian break into a market dominated by Tesla and General Motors (GM – Get Report).
“I believe Rivian has the ability to build a sustainable, multi-billion dollar company, if we play our cards right,” CEO Tory Alstead said.
“We have secured a great manufacturing partner, and together, we’re committed to developing a revolutionary, zero-emission crossover SUV to better serve America and the world.”
Rivian will use the IPO proceeds to repay an undisclosed amount of loans and to invest in technology and product development. It has employed 30 people since founding in 2015.