Rivian Automotive, Inc. has announced the pricing of its upsized initial public offering of 153,000,000 shares of Class A common stock at a public offering price of US$78.00 per share. The landmark transaction is the largest global IPO year-to-date and one of the largest technology IPOs in history. In addition, Rivian has granted the underwriters a 30-day option to purchase up to an additional 22,950,000 shares of Class A common stock at the initial public offering price, less underwriting discounts and commissions. Rivian’s Class A common stock is expected to begin trading on the Nasdaq Global Select Market on November 10, 2021, under the ticker symbol RIVN. The offering is expected to close on November 15, 2021, subject to the satisfaction of customary closing conditions. The gross proceeds from the offering to Rivian, before deducting underwriting discounts and commissions and other offering expenses payable by Rivian, are expected to be approximately US$11.9 billion, excluding any exercise of the underwriters’ option to purchase additional shares.
Latham & Watkins LLP represents Rivian in the offering with a capital markets team led by New York partner Marc Jaffe, Bay Area partner Tad Freese, and New York partner Alison Haggerty, with New York associates Salvatore Vanchieri, Nicholas Reist, and Matthew Schlanger. Advice was also provided on benefits & compensation matters by Bay Area partners James Metz and Ashley Wagner, with Washington, D.C. associate Ashlie Lawton; on tax matters by Bay Area partner Kirt Switzer, with Bay Area associate Alexander Farris; on corporate matters by Washington, D.C. partner Mitchell Rabinowitz; on intellectual property matters by Bay Area partner Anthony Klein, with New York associates Pelin Serpin and Nancy Zhu and Washington, D.C. associate Morgan Brubaker; on data privacy & security matters by Bay Area partner Michael Rubin, with Boston associate Deborah Hinck; and on environmental matters by Los Angeles/Washington, D.C. partner Joshua Marnitz.