EV Startup Rivian Reportedly Picks Underwriters for IPO

EV startup Rivian is reportedly working with working with prominent investment banks on a public offering.
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Electric-vehicle startup Rivian has reportedly chosen underwriters for an initial public offering that could come this year.

Rivian is working with advisers including Goldman Sachs  (GS) - Get Report, JPMorgan Chase  (JPM) - Get Report and Morgan Stanley  (MS) - Get Report, Bloomberg reported.

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Rivian could seek a value of about $70 billion when it goes public, people familiar with the matter told Bloomberg. 

No final decision has been made and the details of its potential listing could change. 

Goldman Sachs declined to comment. Representatives for JPMorgan Chase and Morgan Stanley did not immediately respond to a request for comment, nor did Rivian.

Rivian was valued at $27.6 billion in January when the company said it secured another $2.65 billion in funding from investors including asset manager T. Rowe Price Associates  (TROW) - Get Report

A month later, Amazon  (AMZN) - Get Report started to test a fleet of Rivian electric-powered vans in Los Angeles. The move came a year after the tech and online-retail giant bought 100,000 of the custom delivery vehicles.

The fleet of vehicles can drive up to 150 miles on a single charge and were built at Rivian's studio in Plymouth, Mich. 

Amazon is backing Rivian through its Climate Pledge Fund.

The Seattle company has committed to achieving net-zero carbon across its operations by 2040, which would put it on pace to beat the benchmarks made by the international Paris agreement by a decade. 

Bloomberg reported in February that Rivian was looking at locations in Europe to build a new factory to produce delivery vans.

The Irvine, Calif., company is among several electric-vehicle startups trying to bring new vehicles to market and take on industry leader Tesla  (TSLA) - Get Report.

Earlier this month, Ford  (F) - Get Report unveiled the F-150 Lightning, an all-electric pickup, at a starting price below $40,000. It is at the forefront of the company’s $22 billion global electric vehicle plan.