EV startup Rivian targets $65bn valuation in IPO

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 $65bn (roughly R977.8bn) in its initial public offering in the US.

The company, which last month disclosed nearly $1bn (roughly R15bn) 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 JP Morgan are the lead underwriters. Rivian will list on the Nasdaq under the symbol "RIVN".