Thread by @okassim

One of the unexpected winners of @Rivian’s IPO is JIMCO, the investment subsidiary of @ALJCorporate, a 76 year old family business based out of KSA

If rumour be true, what started as a seed cheque of $100k, eventually became a $303m investment, that..

…at the top end of the revised pricing range will be worth $8.2bn, a 27x return!

Read on for the breakdown 👇

In April 2018, Abdul Latif Jameel International Company acted as a guarantor on a $200 million facility granted to Rivian by Standard Chartered Bank. This resulted in the issuance of warrants to purchase 7,519,482 shares of common stock at a price of $5.72 which were..

..subsequently assigned to JIMCO’s subsidiary Global Oryx, and remain unexercised

In November 2018, Global Oryx made its official first investment through a $100m convertible note. In February 2019 this converted into 24,650,550 of Series A preferred stock with an implied price of $4.06

In February 2019, Global Oryx invested a further $160m giving them a total of 55,991,150 Series A preferred shares at an average price of $4.64

The Series A preferred stock converted to 106,414,600 common shares together with the unexercised warrant of 7,519,482 of common shares, resulting in a total of 113,934,082 shares, which at an IPO price of $72 gets us to an incredible $8.2bn!

This doesn’t account for the savvy personal stakes of Hassan Jameel and Sidesh Kaul (the CEO of JIMCO), whose common stock will be worth a cool $9.37m each

This 2020 piece interviewing Hassan & Fady Jameel for McKinsey Quarterly, provides some interesting additional context, mckinsey.com/business-funct…

The true icing will be when (not if, assumedly) ALJ becomes Rivian’s exclusive distributor across the MENA region, who in my opinion are the most exciting new car brand globally, save for perhaps Tesla

@Rivian’s R1T is absolutely stunning. It looks and feels like a classic straight out of the1950s, whilst also clearly pointing at our EV future

Also, @MKBHD's review is well worth your time

Make that $8.8bn = a 29x return 🤯

https://twitter.com/wsj/status/1458223435667148804