EV startup Rivian targets $65 billion valuation in IPO

Bengaluru: Electric vehicle maker Rivian Automotive Inc, which is backed by both Amazon.com Inc and Ford Motor Co, said on Friday it was targeting a valuation of nearly $65 billion in its initial public offering in the United States.

The company, which last month disclosed nearly $1 billion in losses for the first half of this year, said it will sell 135 million shares at a price range of between $72 and $74 each.

Morgan Stanley, Goldman Sachs and JPMorgan are the lead underwriters. Rivian will list on the Nasdaq under the symbol "RIVN".