Asian Tech Press (Nov 02) -- Electric car startup Rivian is targeting a valuation of more than $53 billion for its U.S. IPO, almost on par with its rival Honda Motor.

However, that figure could change depending on investor demand and market conditions. Rivian is seeking a valuation of more than $60 billion, according to media reports.

Founded in 2009, Rivian is an emerging electric car maker. The company's current investors include Ford, Amazon and Cox Automotive, among others.

Rivian's filings with the U.S. Securities and Exchange Commission show that Ford holds more than 5 percent of its shares. And in late October this year, Amazon filed regulatory documents showing that the company holds a 20 percent stake in Rivian.

Rivian, which is currently seeking additional funding to expand its electric vehicle business, filed for an IPO in the U.S. earlier this month and plans to list on the Nasdaq under the symbol "RIVN." Rivian is expected to begin public trading next week.

Rivian said it expects to issue 135 million Class A common stock shares at an offering price of between $57 and $62 per share. If the company's stock trades at the high end of its pricing range, it could raise up to $8.4 billion at the IPO, which would make it the third-largest U.S. IPO in the last decade.

Since 2011, only three companies have raised more than $8 billion through IPOs: Alibaba, Facebook's renamed Meta, and Uber, according to Dealogic.