Rivian IPO potentially next week. Morgan Stanley is the DSP (IPO) Partner

[Scoiatael]

Final valuation hasn't been decided yet, but apparently its supposed to be available starting next week:

https://www.wsj.com/articles/rivian...ik7d2916u9tuj9&reflink=article_imessage_share


Info about the DSP Partner Morgan Stanley

• Within the next 48 hours, you will receive an email from Morgan Stanley which will provide an overview of Rivian’s DSP and important deadlines.
• The email will also include a customized link to Morgan Stanley’s secure website where you will indicate your interest in the DSP, open a special brokerage account, and learn about other registration requirements. If you have an existing Morgan Stanley account, you may use it for this program.
• The invitation will be sent from “Morgan Stanley DSP Group” and the email address will be [email protected]. Please ensure the email address is not blocked by your spam filters so that you receive your invitation in a timely manner. Please do not reply or send messages to this email address.
• As with all investment opportunities, this will be an individual decision based on your own personal circumstances and risk tolerance, as no investments are guaranteed. Therefore, we urge you to review the preliminary prospectus and base your investment decision on the information contained in the prospectus.

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[LaunchGreen]

$1 billion per truck their employees got.

Has anyone got their final IPO participation details? Seems like we should see those very very soon if it's gonna happen next week.

 

[Scoiatael]

$1 billion per truck their employees got.

Has anyone got their final IPO participation details? Seems like we should see those very very soon if it's gonna happen next week.

I believe tomorrow they make their final pitch and then the IPO valuation will be set. So sometime later this week we should get the option to buy shares.

 

[ATL_Canes]

Amended S-1 was just posted: https://www.sec.gov/Archives/edgar/data/0001874178/000119312521315537/d157488ds1a.htm

Probably the only part anyone cares about (p 108, my emphasis added):

As of September 30, 2021, we produced 12 R1Ts and delivered 11 R1Ts, and as of October 31, 2021, we produced 180 R1Ts and delivered 156 R1Ts. Nearly all of these vehicles were delivered to Rivian employees, and we expect to ramp deliveries to third-party customers as we increase our production rate. We plan to launch and commence customer deliveries for the R1S, a three-row seven-passenger SUV, in December 2021 following the completion of ongoing vehicle validation and all required testing. By the end of 2021, we intend to produce approximately 1,200 R1Ts and 25 R1Ss and deliver approximately 1,000 R1Ts and 15 R1Ss.

A couple of thoughts on just the above:
- Clearly many more trucks have been delivered than just the handful we've seen on IG.
- I wonder if this means that there are about 1,000-1,200 Launch Edition R1Ts? (Given that the intent has been to deliver all/nearly LEs by end of year (sorry Canada!).

 

[Forager]

$1 billion per truck their employees got.

Has anyone got their final IPO participation details? Seems like we should see those very very soon if it's gonna happen next week.

Nada. And hopefully we learn more ASAP because while opening a new brokerage account can be done instantly these days, linking a bank account takes 1-4 days and transferring funds another 1-4 days for funds to clear.

 

[timesinks]

@DucRider shared this in another thread:
https://www.rivianforums.com/forum/...hares-now-live-via-web-portal.2509/post-71105

Other DSPs have let you get the funds in by settlement on T+3 (I wonder if being T+2 now will affect the rules on this...). So you may have a few extra days to finish moving funds around.

There's also always a wire if you want to get it all done in one day. Brokerages usually don't charge an inbound fee like the banks, and many institutions waive the outbound fee at certain asset levels or trading volumes. So that can be a free and quick alternative for many.

 

[Monkey]

Rivian just sent me an email saying to expect IPO info soon. ...From Morgan Stanley, their DSP plan administrator.

 

[Dbeglor]

Rivian just sent me an email saying to expect IPO info soon. ...From Morgan Stanley, their DSP plan administrator.

Yep, me too.

• Within the next 48 hours, you will receive an email from Morgan Stanley which will provide an overview of Rivian’s DSP and important deadlines.
• The email will also include a customized link to Morgan Stanley’s secure website where you will indicate your interest in the DSP, open a special brokerage account, and learn about other registration requirements. If you have an existing Morgan Stanley account, you may use it for this program.
• The invitation will be sent from “Morgan Stanley DSP Group” and the email address will be [email protected]. Please ensure the email address is not blocked by your spam filters so that you receive your invitation in a timely manner. Please do not reply or send messages to this email address.
• As with all investment opportunities, this will be an individual decision based on your own personal circumstances and risk tolerance, as no investments are guaranteed. Therefore, we urge you to review the preliminary prospectus and base your investment decision on the information contained in the prospectus.

 

[lg3103]

Just received this from Rivian regarding the DSP:

Thank you for pre-registering for the Rivian Directed Share Program (DSP). We have selected Morgan Stanley to serve as the administrator of our DSP. Here are some important details: Within the next 48 hours, you will receive an email from Morgan Stanley which will provide an overview of Rivian’s DSP and important deadlines. The email will also include a customized link to Morgan Stanley’s secure website where you will indicate your interest in the DSP, open a special brokerage account, and learn about other registration requirements. If you have an existing Morgan Stanley account, you may use it for this program. The invitation will be sent from “Morgan Stanley DSP Group” and the email address will be [email protected]. Please ensure the email address is not blocked by your spam filters so that you receive your invitation in a timely manner. Please do not reply or send messages to this email address. As with all investment opportunities, this will be an individual decision based on your own personal circumstances and risk tolerance, as no investments are guaranteed. Therefore, we urge you to review the preliminary prospectus and base your investment decision on the information contained in the prospectus. We appreciate your support, - Team Rivian

Important Legal Information about the Directed Share Program The proposed offering is being made only by means of a prospectus. Copies of the preliminary prospectus relating to the proposed offering, when available, may be obtained from: Morgan Stanley & Co. LLC, Attention: Prospectus Department, 180 Varick Street, 2nd Floor, New York, New York 10014. A registration statement on Form S-1 relating to these securities has been filed with the U.S. Securities and Exchange Commission but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. This notification shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. No offer to buy the securities can be accepted and no part of the purchase price can be received until the registration statement has become effective, and any such offer may be withdrawn or revoked, without obligation or commitment of any kind, at any time prior to the notice of its acceptance given after the effective date. An indication of interest in response to this notification will involve no obligation or commitment of any kind.

 

[R1S Maineiac]

A: Morgan Stanley bought eTrade, so it would be convenient for many of us if we were able to conduct the transaction from within our existing accounts.

B: what's the cap on how many shares we're allowed to buy through the DSP?

 

[3l3c7r1c]

Yep, me too.

• Within the next 48 hours, you will receive an email from Morgan Stanley which will provide an overview of Rivian’s DSP and important deadlines.
• The email will also include a customized link to Morgan Stanley’s secure website where you will indicate your interest in the DSP, open a special brokerage account, and learn about other registration requirements. If you have an existing Morgan Stanley account, you may use it for this program.
• The invitation will be sent from “Morgan Stanley DSP Group” and the email address will be [email protected]. Please ensure the email address is not blocked by your spam filters so that you receive your invitation in a timely manner. Please do not reply or send messages to this email address.
• As with all investment opportunities, this will be an individual decision based on your own personal circumstances and risk tolerance, as no investments are guaranteed. Therefore, we urge you to review the preliminary prospectus and base your investment decision on the information contained in the prospectus.

Got the same email. Fortunately, I already have account with Morgan Stanley. Otherwise it could be a dealbreaker for me, seriously!


Update:
Nvm, I actually have morgan stanley connect account. I've to figure out if I can use that.

 

[TDWRT1]

Just received this from Rivian regarding the DSP:

​ Thank you for pre-registering for the Rivian Directed Share Program (DSP). We have selected Morgan Stanley to serve as the administrator of our DSP. Here are some important details: Within the next 48 hours, you will receive an email from Morgan Stanley which will provide an overview of Rivian’s DSP and important deadlines. The email will also include a customized link to Morgan Stanley’s secure website where you will indicate your interest in the DSP, open a special brokerage account, and learn about other registration requirements. If you have an existing Morgan Stanley account, you may use it for this program. The invitation will be sent from “Morgan Stanley DSP Group” and the email address will be [email protected]. Please ensure the email address is not blocked by your spam filters so that you receive your invitation in a timely manner. Please do not reply or send messages to this email address. As with all investment opportunities, this will be an individual decision based on your own personal circumstances and risk tolerance, as no investments are guaranteed. Therefore, we urge you to review the preliminary prospectus and base your investment decision on the information contained in the prospectus. We appreciate your support, - Team Rivian

​ Important Legal Information about the Directed Share Program The proposed offering is being made only by means of a prospectus. Copies of the preliminary prospectus relating to the proposed offering, when available, may be obtained from: Morgan Stanley & Co. LLC, Attention: Prospectus Department, 180 Varick Street, 2nd Floor, New York, New York 10014. A registration statement on Form S-1 relating to these securities has been filed with the U.S. Securities and Exchange Commission but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. This notification shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. No offer to buy the securities can be accepted and no part of the purchase price can be received until the registration statement has become effective, and any such offer may be withdrawn or revoked, without obligation or commitment of any kind, at any time prior to the notice of its acceptance given after the effective date. An indication of interest in response to this notification will involve no obligation or commitment of any kind.

Same here.

 

[echerod]

Amended S-1 was just posted: https://www.sec.gov/Archives/edgar/data/0001874178/000119312521315537/d157488ds1a.htm

Probably the only part anyone cares about (p 108, my emphasis added):

As of September 30, 2021, we produced 12 R1Ts and delivered 11 R1Ts, and as of October 31, 2021, we produced 180 R1Ts and delivered 156 R1Ts. Nearly all of these vehicles were delivered to Rivian employees, and we expect to ramp deliveries to third-party customers as we increase our production rate. We plan to launch and commence customer deliveries for the R1S, a three-row seven-passenger SUV, in December 2021 following the completion of ongoing vehicle validation and all required testing. By the end of 2021, we intend to produce approximately 1,200 R1Ts and 25 R1Ss and deliver approximately 1,000 R1Ts and 15 R1Ss.

A couple of thoughts on just the above:
- Clearly many more trucks have been delivered than just the handful we've seen on IG.
- I wonder if this means that there are about 1,000-1,200 Launch Edition R1Ts? (Given that the intent has been to deliver all/nearly LEs by end of year (sorry Canada!).

The ramp-up in production is obvious in just the last 9 days, although in Nov-Dec it's just inching up (perhaps due to the start-up of R1S production). These are the avg. throughput numbers:
- Oct 1-22: 2/day
- Oct 23-31: 14/day
- Nov 1-Dec 31: 17/day

However they also mention the following in the Amended S-1:

As of October 31, 2021, we had approximately 55,400 R1T and R1S preorders in the United States and Canada from customers who each paid a cancellable and fully refundable deposit of $1,000. Based on our current production forecast, we expect to fill our preorder backlog of approximately 55,400 by the end of 2023.

That means that they added 7010 preorders in the last month, and also that they're avg. throughput for 2022/23 should be around 74/day (assuming they won't deliver any more than the current preorders, which is what they seem to imply). That would be a long wait (over 2 years!) for someone ordering now...

 

[fromSf]

https://www.msn.com/en-us/money/com...of-up-to-8-4-billion/ar-AAQcyYz?ocid=msedgntp

Rivian said it plans to sell 135 million shares for $57 to $62 each, according to its filing Monday with the U.S. Securities and Exchange Commission. At the top of that range, Rivian would have a market value of $53 billion based on the outstanding shares listed in its filing. Accounting for employee stock options and restricted stock units, the company’s fully diluted value is close to $60 billion.

 

[SeaGeo]

The ramp-up in production is obvious in just the last 9 days, although in Nov-Dec it's just inching up (perhaps due to the start-up of R1S production). These are the avg. throughput numbers:
- Oct 1-22: 2/day
- Oct 23-31: 14/day
- Nov 1-Dec 31: 17/day

However they also mention the following in the Amended S-1:

As of October 31, 2021, we had approximately 55,400 R1T and R1S preorders in the United States and Canada from customers who each paid a cancellable and fully refundable deposit of $1,000. Based on our current production forecast, we expect to fill our preorder backlog of approximately 55,400 by the end of 2023.

That means that they added 7010 preorders in the last month, and also that they're avg. throughput for 2022/23 should be around 74/day (assuming they won't deliver any more than the current preorders, which is what they seem to imply). That would be a long wait (over 2 years!) for someone ordering now...

remember that in Nov-Dec they'll be messing with the R1S ramp up again, and there are fewer working days in each month (assuming they don't work the holidays).

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