Electric aircraft startup Beta Technologies seeks to raise $825M in IPO

Electric aviation startup Beta Technologies has priced shares between $27 and $33 for its initial public offering, hoping to raise $825 million, according to a regulator. document Filed with the US 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.

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 automatically take effect after 20 days in certain areas, including share price, without SEC staff reviewing their statements. Several other companies, including NavanUnder these rules the IPO plan has gone ahead.

Clark, a Harvard-educated former professional hockey player and pilot instructor, did not follow The typical path of a startup founder. He abandoned Silicon Valley for his Vermont hometown and took a different path to raise funds to develop and build electric aircraft. Beta never took venture capital, instead raising $1.15 billion in funding from institutional investors such as Fidelity and the Qatar Investment Authority.

Last month, Beta Technologies made an announcement Strategic Agreement with GE Aerospace Developing a hybrid-electric turbogenerator for next-generation aircraft. GE Aerospace agreed to take a stake in the company and invest $300 million as part of the deal.