Companies

EV producer Rivian helps IPO value range, focuses on $65 bln valuation

Published

4 years ago

November 6, 2021

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Rivian Automotive, upheld by Amazon.com Inc (AMZN.O), on Friday fundamentally raised the normal deal cost of its portions, with the electric vehicle producer focusing on a valuation of as much as $65 billion in its first sale of stock.

It had before this week focused on a valuation of more than $53 billion at a cost of $62 per share. The organization presently hopes to sell 135 million offers in the scope of $72-$74 each to raise almost $10 billion on Nov. 9.

The expanded value band follows an effective financial backer roadshow this week, as Wall Street’s enormous IPO financial backers bet on Rivian to be the following huge player in an area overwhelmed by Tesla (TSLA.O).

The IPO could make Rivian one of the main three organizations that have raised more than $8 billion in 10 years after Alibaba (9988.HK) and Facebook (FB.O).

While the startup still can’t seem to sell any huge volume of its electric vans or trucks, a $65 billion valuation for Rivian could make it more important than Fiat producer Stellantis NV and carry it nearer to heritage automakers Ford (F.N) and General Motors (GM.N).

Rivian has been contributing intensely to increase creation, including for its upscale all-electric R1T pickup truck which was dispatched in September, demolishing rivalry from set up opponents like Tesla Inc, General Motors and Ford.

The organization had around 55,400 R1T and R1S preorders in the United States and Canada, as of Oct. 31.

Rivian said it had begun conveyances of the R1T and had recorded income for the three months finished September 30. Overal deficit for that period, nonetheless, is assessed to increment because of higher creation costs.

The EV market is blasting as buyers are greater climate cognizant and is viewed as an image of extravagance for some brands. Tesla delivered a record number of vehicles in its most recent quarter, proposing solid interest for electric vehicles.

Amazon has requested 100,000 of Rivian’s electric conveyance vans as a feature of the internet business goliath’s more extensive work to cut its carbon impression.

Rivian will, be that as it may, face rivalry from automakers in both the purchaser and business van markets.

Passage said it has in excess of 160,000 orders for its F-150 Lightning electric pickup truck and that an electric rendition of its Transit business van is “totally sold out.”

General Motors is equipping creation of electric conveyance vans, SUVs and pickup trucks.

Morgan Stanley, Goldman Sachs and J.P. Morgan are the lead financiers. Rivian will list on the Nasdaq under the image “RIVN”. The valuation incorporates shares that financiers could practice under the “greenshoe” choice.

Announcements

Royaloak launches in UAE bringing Indian design excellence to gulf

Published

2 weeks ago

June 29, 2025

Staff Reporter

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Royaloak Furniture, one of India’s largest organised furniture retail chains, has announced its entry into the UAE market as part of a broader international expansion strategy. With an operational history spanning over 15 years and a customer base exceeding 5 million, the brand has opened three stores in the UAE—located in RAK Mall (Ras Al Khaimah), Lulu Mall (Fujairah), and Silicon Central Mall (Dubai)—each spanning nearly 20,000 square feet.

The move comes at a time when the UAE’s furniture and home décor industry is witnessing steady growth, driven by a combination of increased real estate development, rising urbanisation, and a growing population of design-conscious consumers. According to industry estimates, the UAE furniture market was valued at approximately USD 5.1 billion in 2024 and is projected to reach USD 5.4 billion by 2033, growing at a CAGR of 4.18%.

Royaloak’s entry adds momentum to the region’s expanding mid-to-premium furniture segment. The brand is known for its “Country Collection” that showcases curated pieces inspired by American, Italian, and Malaysian designs. The company sources products from manufacturing hubs across Asia and Europe, aiming to balance aesthetic appeal with functional quality.

“Our UAE expansion is aligned with market demand and retail opportunity,” said Mathan Subramaniam, Co-Founder and Managing Director of Royaloak. “What sets us apart is a vertically integrated model—from sourcing to distribution—which ensures both product consistency and affordability. With our dedicated warehouse in the UAE, we are equipped to provide fast, reliable delivery and a localised shopping experience.”

The stores are designed to cater to a wide demographic—offering furniture for living rooms, bedrooms, offices, dining areas, and outdoor spaces, in addition to home décor and mattresses. Each outlet is supported by Arabic-speaking staff to ensure culturally attuned customer service.

In tandem with its retail footprint, Royaloak has launched a dedicated UAE e-commerce platform, while also partnering with Amazon UAE and Noon to strengthen its omnichannel presence. The brand’s UAE entry is not just an expansion strategy but also a commitment to job creation and customer-centric innovation in one of the Middle East’s most competitive retail landscapes. The company plans further expansion across the Emirates in the coming year

Announcements

UAE announces fuel prices for June 2025

Published

1 month ago

May 31, 2025

Staff Reporter

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The UAE fuel price committee on Saturday announced petrol and diesel prices for the month of June 2025.The Fuel Prices Monitoring Committee has kept the prices unchanged from the month of May.

Super 98 petrol will cost Dh2.58 a litre, compared to Dh2.58 a litre in May, while Special 95 will cost Dh2.47 a litre, compared to Dh2.47 a litre the previous month.

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E-Plus category petrol will be available for Dh2.39 a litre, compared to Dh2.39 a litre in May, while diesel will now cost Dh2.45 a litre, compared to Dh2.52 a litre the previous month.

The UAE deregulated fuel prices in 2015, aligning them with market fluctuations.

Fuel prices in the UAE are tied to movements in the global oil market, which has experienced significant volatility since the beginning of the year.

Business

BEYOND Expo 2025 kicks off in Macau with over 800 tech companies, investors and global innovators

Published

2 months ago

May 22, 2025

Michael Gomes

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Asia’s biggest technology gathering, BEYOND Expo 2025, opened its doors on Wednesday, May 21, at The Venetian Macau’s Cotai Expo, marking its fifth anniversary with the theme “Empowering Asia, Bridging the World.” Running from May 22 to 24, the event brings together over 800 companies, 25,000 visitors, and more than 800 investors from around the world.

Covering everything from AI and HealthTech to Clean Energy, Robotics, FinTech, and SportsTech, the expo offers a glimpse into the future of innovation and how it’s shaping Asia’s global tech footprint.

The expo also offers unique opportunities for UAE, Saudi Arabia, and other GCC countries to explore cutting-edge solutions in AI, HealthTech, Clean Energy, FinTech, and Robotics, all aligning closely with national visions like “We the UAE 2031” and Saudi Vision 2030.

The opening day drew a crowd of top tech minds who took part in a high-profile panel titled “What’s Next?” Speakers included Alibaba Cloud founder Dr. Jian Wang, Carl Pei, CEO of smartphone brand Nothing, Dr. Burt Guo of Sichuan Aerofugia, Zhaopeng Chen of Agile Robots, and Jingkang Liu, founder of Insta360.

The event also marked the launch of the BEYOND Founders Club (BFC), a new community that aims to connect Asia’s rising tech entrepreneurs and help shape the future of innovation. BEYOND Expo Co-Founder Dr. Lu Gang said the expo was created in 2021 to highlight Asia’s tech progress on a global stage. “We are thrilled to celebrate our fifth year with our largest lineup yet,” he said.

Co-Founder Jason Ho added, “Launching the Founders Club is a powerful step. We believe technology should serve humanity, and this community will help guide the next generation of tech leaders.”

Alongside the expo, a packed schedule of over 300 speakers will lead summits and forums on major trends and topics. These include the Global Investment Summit, AI Summit, Wealth Summit, Fashion Tech Forum, Gen-Z Founder Forum, and SHETECH Summit, among others.

Investment plays a major role at BEYOND Expo, with live funding events like Fund at First Pitch, where 150 companies are competing in front of more than 100 investors for the chance to secure funding. The Wealth Summit, held in partnership with the Asian Family Legacy Foundation and Greenwich Economic Forum, highlights the growing role of family offices and regional investors in shaping the global innovation ecosystem.

For innovators and investors across the Gulf region, BEYOND Expo presents a valuable opportunity to connect with global tech leaders and explore partnerships, as Gulf countries continue to diversify their economies through investments in AI, clean tech, and smart industries, events like BEYOND offer access to cutting-edge trends, emerging markets, and cross-border collaboration with Asia’s fastest-growing tech hubs.

Held at The Venetian Macau’s Cotai Expo, one of Asia’s largest MICE (meetings, incentives, conferences and exhibitions) venues, the event is supported by Sands Resorts Macau, known for its luxury hotels, shopping, dining and entertainment experiences.

For more information, visit: www.beyondexpo.com