Neo Aeronautics, a pre-revenue Singaporean developer of eVTOL and conventional aircraft, raised the proposed deal size for its upcoming IPO on Friday.
The Singapore-based company now plans to raise $25 million by offering 5 million shares (25% secondary) at a price range of $4 to $6. The company had previously filed to offer 2.5 million shares (100% primary) at the same range. At the midpoint, Neo Aeronautics will raise 122% more in proceeds than previously anticipated.
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.
Neo Aeronautics was founded in 2018. It plans to list on the NYSE American under the symbol NEOA. Revere Securities is the sole bookrunner on the deal.
