Beta Draws IPO Order Rush as Electric Aircraft’s Moment Arrives
A BETA electric vertical take-off and landing aircraft during a test flight at the Westchester County Airport in West Harrison, New York.
Photographer: Tiffany Hagler-Geard/BloombergInvestors are warming to Beta Technologies Inc.’s IPO as the electric aircraft developer and its peers look to distance themselves from unhappy associations with the 2021 blank-check company boom and bust.
Ahead of pricing later Monday, the electric aircraft developer’s initial public offering is double-digits oversubscribed and is expected to price at $34 per share, above the $27 to $33 marketing range, according to people familiar with the matter. That would give it a market value of more than $7.6 billion including a potential upsize option. That would pit it squarely between two publicly traded peers, Joby Aviation Inc. at $14.4 billion and Archer Aviation Inc. at $6.8 billion, according to data compiled by Bloomberg.