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Investing.com -- Beta Technologies Inc., a company developing electric aircraft, is aiming to raise up to $825 million in an initial public offering despite the ongoing U.S. government shutdown.
The company plans to offer 25 million shares priced between $27 and $33 each, according to its filing with the Securities and Exchange Commission on Wednesday.
Beta Technologies has applied to list its Class A common stock on the New York Stock Exchange under the ticker symbol "BETA." Following the offering, the company will have two classes of common stock, with Class B shares carrying 40 votes per share compared to one vote for Class A shares.
Kyle Clark, the company’s founder, President and CEO, will control approximately 63.2% of the voting power while owning about 7.3% of the outstanding capital stock after the IPO.
Several cornerstone investors, including accounts managed by AllianceBernstein, BlackRock, and GE Aerospace, have indicated interest in purchasing up to $300 million of shares in the offering.
Beta Technologies designs and manufactures electric aircraft, propulsion systems, and charging infrastructure. The company’s ALIA CTOL electric aircraft has completed thousands of flights covering nearly 83,000 nautical miles in North America and Europe.
The company claims its aircraft offers 42% lower operating costs compared to traditional aircraft. Its Vermont production facility can support manufacturing of over 300 aircraft annually, with room for expansion.
Beta’s business model includes four revenue streams: selling aircraft to military and commercial customers, selling replacement batteries, supplying propulsion systems to other manufacturers, and selling ground support equipment, primarily chargers.
The company has a backlog of 331 units for its ALIA CTOL aircraft and 560 units for its ALIA VTOL aircraft, though it has not yet delivered any certified aircraft or recognized associated revenue.
Morgan Stanley, Goldman Sachs, BofA Securities, Jefferies, TPG Capital BD, Citigroup, Cantor, BTIG, and Needham & Company are serving as underwriters for the offering.
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