EV maker Rivian prices IPO above range to raise over $11.9 bln

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NEW YORK, Nov 9 (Reuters) - Amazon-backed electric vehicle (EV) maker Rivian sold shares in its initial public offering (IPO) at $78 per share, above its target range, to raise more than $11.93 billion, the company said on Tuesday.

The flotation ranks among the top 10 IPOs of all time in the United States, according to data from Dealogic.

Rivian priced an upsized IPO of 153 million shares at $78 per share, the company said. On Friday, Rivian had boosted its price range to $72 to $74 per share, up from an earlier range of $57 to $62.

The mammoth IPO follows a highly successful investor roadshow last week, with Wall Street's biggest institutional investors betting on Rivian to be the next big player in a sector dominated by Tesla (TSLA.O).

The EV market is witnessing a surge in demand globally, as consumers are growing more environmentally conscious and betting on eco-friendly vehicles. Tesla produced a record number of cars in its latest quarter and is building factories all over the world.

Founded in 2009, Rivian has been investing heavily to ramp up production. It is doubling down on production of its upscale all-electric R1T pickup truck, which was launched in September.

The EV maker had about 55,400 R1T and R1S pre-orders in the United States and Canada as of Oct. 31, according to a recent regulatory filing.

Rivian said it had started deliveries of the R1T and had recorded revenue for the three months ended Sept. 30. The net loss for that period, however, is estimated to increase due to higher production costs.

Amazon (AMZN.O), which recently disclosed it holds an approximately 20% stake in Rivian, has ordered 100,000 of Rivian's electric delivery vans as part of the e-commerce company's broader effort to cut its carbon footprint.

Rivian will list its shares on the Nasdaq under the symbol "RIVN" on Wednesday.

Morgan Stanley (MS.N), Goldman Sachs (GS.N) and J.P. Morgan (JPM.N) are the lead underwriters for the offering.

Reporting by Echo Wang in New York and Anirban Sen in Bengaluru; additional reporting by Nishit Jogi; Editing by Chris Reese and Sherry Jacob-Phillips

Our Standards: The Thomson Reuters Trust Principles.

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Anirban Sen is the Editor in Charge for U.S. M&A at Reuters in New York, where he leads the coverage of the biggest deals. After starting with Reuters in Bangalore in 2009, Anirban left in 2013 to work as a technology deals reporter in several leading business news outlets in India, including The Economic Times and Mint. Anirban rejoined Reuters in 2019 as Editor in Charge, Finance to lead a team of reporters, covering everything from investment banking to venture capital. Anirban holds a history degree from Jadavpur University and a post-graduate diploma in journalism from the Indian Institute of Journalism & New Media. Contact:+1 (646) 705 9409