(Reuters) -Electric aircraft maker Beta Technologies has raised $1.01 billion in its U.S. initial public offering on Monday, pricing its shares above its indicated range and underscoring the strong pipeline of new listings in the resurgent IPO market. The Vermont-based company sold 29.9 million shares at $34 apiece, above its indicated range of $27 to […]
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Electric aircraft maker Beta Technologies raises over $1 billion in US IPO
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(Reuters) -Electric aircraft maker Beta Technologies has raised $1.01 billion in its U.S. initial public offering on Monday, pricing its shares above its indicated range and underscoring the strong pipeline of new listings in the resurgent IPO market.
The Vermont-based company sold 29.9 million shares at $34 apiece, above its indicated range of $27 to $33, and giving it potential valuation of $7.44 billion.
U.S. IPO activity has remained strong, with several high-profile listings hitting the markets in recent months, following an earlier slowdown triggered by U.S. President Donald Trump’s shifting trade policies and broader macroeconomic volatilities.
The government shutdown, however, has caused short-term delays in the pipeline.
Beta Technologies designs, manufactures and sells high-performance electric aircraft, advanced electric propulsion systems charging systems and components.
Electric aviation remains a niche segment of the transportation industry, with only a handful of companies developing and testing commercial aircraft.
Beta’s aircraft has been used by the U.S. military in training missions and flown by the Federal Aviation Administration.
The company is set to debut on the New York Stock Exchange on Tuesday under the ticker symbol “BETA”.
Morgan Stanley, Goldman Sachs, BofA Securities, Jefferies and Citigroup were among the underwriters for the offering.
(Reporting by Pritam Biswas and Angela Christy in Bengaluru; Editing by Shilpi Majumdar and Sherry Jacob-Phillips)