AIRO Group Holdings, a developer of drones and eVTOL aircraft, raised $60 million by offering 6 million shares at $10, below the range of $14 to $16. The company offered 1 million more shares than anticipated. An insider had indicated on $5 million worth of shares in the offering (8% of the deal).
AIRO Group is a technologically differentiated aerospace, autonomy, and air mobility platform targeting 21st century aerospace and defense opportunities. The company's business is organized into four operating segments: Drones, Avionics, Training, and Electric Air Mobility.
AIRO Group Holdings plans to list on the Nasdaq under the symbol AIRO. Cantor Fitzgerald, BTIG, and Mizuho Securities acted as joint bookrunners on the deal.
