Star Jets International, a private jet charter broker, filed on Monday with the SEC to raise up to $12 million in an initial public offering. The company is currently quoted on the OTC (JETR).
The New York, NY-based company plans to raise $12 million by offering 2.9 million shares at $4. At the proposed price, Star Jets International would command a fully diluted market value of $87 million.
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. Its networks consists of 5,000 private jet operators with access to over 15,000 aircrafts. Star Jets does not own or lease aircrafts, or operate its own fleet.
Star Jets International was founded in 2017 and booked $16 million in revenue for the 12 months ended September 30, 2022. It plans to list on the Nasdaq under the symbol JETR. The company filed confidentially on February 10, 2022. EF Hutton is the sole bookrunner on the deal.
