Electric aviation startup Beta Technologies has priced its initial public offering between $27 and $33, aiming to raise up to $825 million, according to regulatory filings with the U.S. Securities and Exchange Commission. If the company attracts investors at the higher end of that range, it would debut at a valuation of about $7.2 billion.
The Vermont-based company, founded in 2017 by enigmatic CEO Kyle Clark, filed paperwork on Wednesday despite the government shutdown. Earlier this month, the SEC issued guidance allowing companies with stalled IPOs to automatically make statements about certain areas, such as stock prices, effective after 20 days without review by SEC staff. Several other companies, including Navan, are pursuing IPO plans under this rule.
Clark, a Harvard-educated former professional hockey player and pilot instructor, didn’t follow the typical path of a startup founder. He eschewed Silicon Valley for his hometown in Vermont and took a different path to financing the development and production of electric aircraft. Beta has never used venture capital, instead raising $1.15 billion from institutional investors including Fidelity and Qatar Investment Authority.
Last month, Beta Technologies announced a strategic agreement with GE Aerospace to manufacture hybrid electric turbine generators for next-generation aircraft. GE Aerospace agreed to acquire an equity stake in the company and invest $300 million as part of the transaction.
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