According to the info from November 5, the company will offer 155,250,000 shares (including 20,250,000 shares to the underwriters) at a price between $72.00 and $74.00 per share (previously it was $57.00 and $62.00).
In effect, the company intends to raise up to about $11.18-$11.49 billion (excluding costs), compared to $8.85-$9.63 billion estimated previously.
The IPO stands for about for about 17.6% of the shares, which means that Rivian's valuation would be $63.5-$65.3 billion (compared to $50.3-$54.7 billion previously). Rivian could be worth more than Stellantis and close to Ford and General Motors.
The IPO is now expected on November 9, 2021. According to Reuters, the boost is a result of high interest from investors:
"The increased price band follows a successful investor roadshow this week, as Wall Street’s big IPO investors bet on Rivian to be the next big player in a sector dominated by Tesla.
The IPO could make Rivian one of the only three companies that have raised more than $8 billion in a decade after Alibaba and Facebook."
In the initial ramp-up phase, the production by the end of 2021 is expected to exceed 1,200 of R1T, R1S and EDV.
The number of R1T/R1S pre-orders in the U.S. and Canada as of October 31 was 55,400.