"Electric aviation startup Beta Technologies has priced shares for its initial public offering between $27 and $33, in hopes of raising as much as $825 million, according to a regulatory document filed with the U.S. Securities and Exchange Commission. If the company attracts investors at the top of that range it will debut with a valuation of about $7.2 billion."
"Clark, a Harvard-educated former professional hockey player and pilot instructor, has not followed the typical path of a startup founder. He eschewed Silicon Valley for his Vermont hometown and took a different path to raising funds to develop and build electric aircraft. Beta has never taken venture capital, instead raising $1.15 billion in funds from institutional investors like Fidelity and Qatar Investment Authority."
"The Vermont-based company, which was founded in 2017 by its enigmatic CEO Kyle Clark, filed the paperwork Wednesday despite the government shutdown. The SEC issued guidance earlier this month that allows companies in IPO limbo to allow their statements on certain areas, including share price, to become automatically effective after 20 days, even without SEC staff review. Several other companies, including Navan, have pressed ahead with IPO plans under this rule."
Beta Technologies set an IPO price range of $27 to $33 per share aiming to raise up to $825 million and potentially debut at a roughly $7.2 billion valuation. The Vermont-based company filed paperwork despite the government shutdown, relying on SEC guidance that allows certain IPO statements to become automatically effective after 20 days without staff review. Beta was founded in 2017 by Kyle Clark and has raised $1.15 billion from institutional investors rather than venture capital. Beta announced a strategic deal with GE Aerospace to build a hybrid-electric turbogenerator, with GE investing $300 million and taking a stake.
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