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Reuters: Beta Technologies valued at $7.4 billion after muted debut
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Heartspace News Desk
•Source: Reuters
Photo by Marcelo Sousa on Unsplash
TL;DR
Electric aircraft manufacturer Beta Technologies debuted on the New York Stock Exchange with a $7.44 billion valuation and an initial offering price of $34 per share, raising $1.01 billion in its upsized IPO. CEO Kyle Clark stated that Beta, already in production and progressing through certification, expects certification for its eVTOL aircraft by late 2027 or early 2028.
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Key takeaways
- Electric aircraft manufacturer Beta Technologies debuted on the New York Stock Exchange with a valuation of $7
- 44 billion, opening at its initial offering price of $34 per share, according to Reuters
- Despite the flat opening, Beta Technologies successfully completed an upsized IPO, raising $1
Electric aircraft manufacturer Beta Technologies debuted on the New York Stock Exchange with a valuation of $7.44 billion, opening at its initial offering price of $34 per share, according to Reuters.
Despite the flat opening, Beta Technologies successfully completed an upsized IPO, raising $1.01 billion. This places the company among leading publicly traded competitors in the electric vertical take-off and landing (eVTOL) sector, including Archer Aviation and Joby Aviation.
CEO Kyle Clark stated that the company pursued the public offering because Beta is already in production and progressing through the certification process. He also emphasized the company's secure pipeline, supported by customer deposits. Beta anticipates certification for its eVTOL aircraft by late 2027 or early 2028 and projects a 74% reduction in operational expenses compared to traditional helicopters.
Related Topics
Beta Technologieselectric aircraftNYSEstock debutvaluation
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