Star Jets International, a private jet charter broker, withdrew its plans for an initial public offering on Friday. It had filed in January 2023 to raise $12 million by offering 2.9 million shares at $4. The company is currently listed on the OTC under the symbol "JETR".
Star Jets International is a private jet charter broker, with the goal of becoming the new "Priceline, Expedia, Kayak, Booking.com" of private jet charters. The company does not have specific long-term contracts or relationships with any specific operator, and every contract is on a one-off basis for a specific charter.
The New York, NY-based company was founded in 2017 and booked $16 million in revenue for the 12 months ended September 30, 2022. It had planned to list on the Nasdaq under the symbol JETR. EF Hutton was set to be the sole bookrunner on the deal.
