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Electric-Truck Maker Rivian Selects Underwriters for IPO

  • Company could seek about $70 billion value in potential IPO
  • Advisers include Goldman Sachs, JPMorgan and Morgan Stanley
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Rivian Automotive Inc., the electric-truck startup backed by Inc., has selected underwriters for an initial public offering that could come later this year, according to people familiar with the matter.

Rivian is working with advisers including Goldman Sachs Group Inc. JPMorgan Chase & Co., and Morgan Stanley, said the people, who asked to not be identified because the matter isn’t public. Rivian could seek a value of about $70 billion when it goes public, according to the people. Bloomberg News previously reported it could seek a valuation of about $50 billion.