United States based electric car manufacturer Rivian Automaker is targeting to have a market valuation of around $70 billion after much awaited initial public offering of the company slated for later this year.
Citing documented data, the company had a market valuation of $27.6 billion in the beginning of the year after conclusion of an investment round led by T. Rowe Price held in January.
According to Bloomberg business, Rivian is working with JP Morgan Chase & Co. (JPM), Morgan Stanley (MS) and Goldman Sachs Group Inc. (GS) regarding the IPO. The three banks are set to act as underwriters and financial advisers of the electric-car startup in the initial public offering.
Going per a report published on February, the company was seeking a valuation of $50 billion back then.
Rivian says that it targets to start producing electric-pick and SUV before the year wraps up. The company is hoping that production of these two will place it in a better position to compete with leading electric vehicle manufacturer Tesla Inc. (TSLA).