Rivian Automotive’s Initial Public Offering

Latham & Watkins advised Rivian Automotive, while Skadden, Arps, Slate, Meagher & Flom advised the underwriters in the Initial Public Offering.

Rivian Automotive, Inc. has announced its upsized initial public offering of 153,000,000 shares of Class A common stock at a public offering price of US$78.00 per share. The landmark transaction is the largest global IPO year-to-date and one of the largest technology IPOs in history. In addition, Rivian has granted the underwriters a 30-day option to purchase up to an additional 22,950,000 shares of Class A common stock at the initial public offering price, less underwriting discounts and commissions. Rivian’s Class A common stock began trading on the Nasdaq Global Select Market on November 10, 2021, under the ticker symbol “RIVN.” The gross proceeds from the offering to Rivian, before deducting underwriting discounts and commissions and other offering expenses payable by Rivian, are expected to be approximately US$11.9 billion, excluding any exercise of the underwriters’ option to purchase additional shares. 

Morgan Stanley & Co. LLC, Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC, Barclays Capital Inc., Deutsche Bank Securities Inc., Allen & Company LLC, BofA Securities, Inc., Mizuho Securities USA LLC, Wells Fargo Securities, LLC, Nomura Securities International, Inc., Piper Sandler & Co., RBC Capital Markets, LLC, Robert W. Baird & Co. Incorporated, Wedbush Securities Inc., Academy Securities, Inc., Blaylock Van, LLC, Cabrera Capital Markets LLC, C.L. King & Associates, Inc., Loop Capital Markets LLC, Samuel A. Ramirez & Company, Inc., Siebert Williams Shank & Co., LLC, and Tigress Financial Partners, LLC acted as underwriters for the offering.

Rivian Automotive is an American electric vehicle automaker and automotive technology company founded in 2009. Rivian is building an electric sport utility vehicle (SUV) and pickup truck on a “skateboard” platform that can support future vehicles or be adopted by other companies.

The Latham & Watkins team included Marc D. Jaffe (Picture), Tad J. Freese, and Alison A. Haggerty, with New York associates Salvatore Vanchieri, Nicholas Reist, and Matthew Schlanger. Advice was also provided on benefits & compensation matters by Bay Area partners James Metz and Ashley Wagner, with Washington, D.C. associate Ashlie Lawton; on tax matters by Bay Area partner Kirt Switzer, with Bay Area associate Alexander Farris; on corporate matters by Washington, D.C. partner Mitchell Rabinowitz; on intellectual property matters by Bay Area partner Anthony Klein, with New York associates Pelin Serpin and Nancy Zhu and Washington, D.C. associate Morgan Brubaker; on data privacy & security matters by Bay Area partner Michael Rubin, with Boston associate Deborah Hinck; and on environmental matters by Los Angeles/Washington, D.C. partner Joshua Marnitz.

The Skadden team included Capital Markets partners Ryan Dzierniejko and David Goldschmidt, and associates Jackson Nye, Ashley Vazquez and Nicole Groysman.

Involved fees earner: Morgan Brubaker – Latham & Watkins; Alexander Farris – Latham & Watkins; Tad Freese – Latham & Watkins; Alison Haggerty – Latham & Watkins; Deborah Hinck – Latham & Watkins; Marc Jaffe – Latham & Watkins; Anthony Klein – Latham & Watkins; Ashlie Lawton – Latham & Watkins; Joshua Marnitz – Latham & Watkins; James Metz – Latham & Watkins; Mitchell Rabinowitz – Latham & Watkins; Nicholas Reist – Latham & Watkins; Michael Rubin – Latham & Watkins; Matthew Schlanger – Latham & Watkins; Pelin Serpin – Latham & Watkins; Kirt Switzer – Latham & Watkins; Salvatore Vanchieri – Latham & Watkins; Ashley Wagner – Latham & Watkins; Nancy Zhu – Latham & Watkins; Ryan Dzierniejko – Skadden Arps Slate Meager & Flom; David Goldschmidt – Skadden Arps Slate Meager & Flom; Nicole Groysman – Skadden Arps Slate Meager & Flom; Jackson Nye – Skadden Arps Slate Meager & Flom; Ashley Vazquez – Skadden Arps Slate Meager & Flom;

Law Firms: Latham & Watkins; Skadden Arps Slate Meager & Flom;

Clients: Academy Securities; Allen & Company LLC; Bank of America Securities; Barclays Capital ; Blaylock Van, LLC; C.L. King & Associates; Cabrera Capital Markets; Deutsche Bank Securities; Goldman Sachs & Co.; J.P. Morgan Securities LLC; Loop Capital Markets; Mizuho Securities; Morgan Stanley; Nomura Securities International Inc.; Piper Sandler; RBC Capital Markets; Rivian Automotive, Inc.; Robert W. Baird & Co.; Samuel A. Ramirez & Company, Inc.; Siebert Williams Shank & Co. LLC; Tigress Financial Partners; Wedbush Securities; Wells Fargo Securities;