BETA Technologies, which makes small electric aircraft and propulsion systems, raised $1.0 billion by offering 29.9 million shares at $34, above the range of $27 to $33. The company had originally planned to offer 25 million shares. Cornerstone investors Alliance Bernstein, Blackrock, Ellipse, GE Aerospace, and Federated had indicated on $300 million worth of shares in the offering (now 30% of the deal). At pricing, Beta commands a fully diluted market value of $8.3 billion.
BETA Technologies designs, manufactures, and sells high-performance electric aircraft, advanced electric propulsion systems, charging systems, and components. The company believes its ALIA CTOL electric aircraft is at the forefront of the electric aviation industry, having successfully flown nearly 83,000 nautical miles, including operations in North America and Europe. BETA's market-entry strategy for its aircraft is initially focused on selling to operators that specialize in cargo and logistics, military, and medical operations, before expanding into delivery of aircraft to customers for passenger operations. It is also developing a digital platform, "BETA Operate," which will offer four modules: Maintenance, Control Center, Network, and Data.
BETA Technologies plans to list on the NYSE under the symbol BETA. Morgan Stanley, Goldman Sachs, BofA Securities, Jefferies, TPG Capital BD, and Citi acted as joint bookrunners on the deal.
