Neo Aeronautics, a pre-revenue Singaporean developer of eVTOL and conventional aircraft, filed on Friday with the SEC to raise up to $11 million in an initial public offering.
The Singapore-based company plans to raise $11 million by offering 2.5 million shares at a price range of $4 to $5. At the midpoint of the proposed range, Neo Aeronautics would command a market cap of $125 million.
Neo Aeronautics develops and engineers electric and conventional VTOL platforms for the US sports and recreational market, logistics solutions, and customized aerial applications, offering single-seat eVTOLs under 254 pounds, unmanned aircraft carrying up to 220 pounds, and specialized vehicles with payloads above 100 pounds. Its brand lines include Crimson for personal aerial vehicles, Pegasus for logistics, and SeaArcher for specialized needs. The company has yet to generate any revenue.
The Singapore-based company was founded in 2018 and plans to list on the NYSE American under the symbol NEOA. Revere Securities is the sole bookrunner on the deal.
