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ETFs to Tap on Rivian's High-Profile IPO Move

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10.09.2021

Rivian Automotive Inc., the electric-vehicle start-up backed by Amazon.com Inc. (AMZN) and Ford Motor Co. (F), has reportedly filed for an initial public offering and is seeking a roughly $80 billion valuation, according to people familiar with the matter, as quoted on Bloomberg.

At an $80-billion valuation, Rivian would likely mark one of the biggest IPOs of 2021 and one of the most successful EV listings since Tesla’s 2010 offering. General Motors (GM), another e-truck hopeful, is a $72 billion enterprise at the moment, per Bloomberg.

The startup was valued at $27.6 billion in a funding round in January, Bloomberg News reported, as quoted on Yahoo Finance. Rivian raised $2.65 billion in the round from a group of investors led by T. Rowe Price Group Inc. (TROW).

Overall, it raised more than $8 billion since the start of 2019 from investors who expect its battery-electric pickup and SUV to gain market share in the United States. Needless to say, Rivian is likely to be one of the highest-profile (with big names in its board)........

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