Rimac raises $537M in latest financing round, CEO hints at potential IPO

Rimac raises 500 million euros ($537 million) in its latest financing round. But the Croatian automaker’s chief executive cautioned sales would have to be twice as much before he would consider an IPO.

The new investments, led by Softbank and Goldman Sachs and existing shareholders, including Volkswagen’s Porsche unit, bring the automaker’s total valuation to over 2 billion euros, Rimac reported.

In a media roundtable, Mate Rimac, CEO of Rimac, said that taking the step of an initial public offering (IPO) would depend on revenue reaching over a billion, and the current firm was around halfway there.

Rimac also said during the meeting with the reporters that it was great to have Porsche on board but did not want to be fully dependent on them. Iconic sports carmaker, Porsche, holds a 45 percent stake in Bugatti Rimac. The firm was formed in 2011 between Porsche, Bugatti, and Rimac.

Most of the new funding will be invested in expanding production facilities and raising volumes in the technology business to produce 100,000 batteries a year between 2024 and 2026.

The Croatian group oversees the manufacture of multimillion-dollar hypercars such as the Bugatti Bolide and Chiron, plus the upcoming vehicles that bear the Rimac name, like the $2.4 million Rimac Nevera EV hypercar.