Rivian, the electric automotive company backed by Amazon, is targeting a valuation as high as $53bn when it makes its debut on the Nasdaq, potentially as soon as next week.
At the top end of its range of $57 to $62 a share, Rivian would begin trading at a value higher than the likes of Kia and Nissan, and would raise just less than $8.4bn from the offering.
It comes despite the company suffering growing losses — almost $1bn in the first half of this year — as it builds out its capabilities to mass-produce its range of electric vans and trucks.
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