(Reuters) – Electric vehicle maker Rivian Automotive Inc, which is backed by both Amazon.com Inc and Ford Motor Co, said on Monday it was targeting a valuation of more than $53 billion in its initial public offering in the United States.
The company, which last month disclosed nearly $1 billion in losses for the first half of this year, said it will sell 135 million shares at a price range of between $57 and $62 each.
At the top end of the range, the IPO will fetch over $8 billion.
Morgan Stanley, Goldman Sachs and J.P. Morgan are the lead underwriters. Rivian will list on the Nasdaq under the symbol “RIVN”.
(Reporting by Noor Zainab Hussain and Niket Nishant in Bengaluru; Editing by Arun Koyyur)
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