Vermont electric aviation startup Beta Technologies raked in more than $1 billion on Tuesday as it debuted on the New York Stock Exchange at a higher-than-expected price for its initial public offering.
Founder and CEO Kyle Clark, his family and other company officials stood on the balcony that overlooks the trading floor and rang the exchange’s iconic opening bell at 9:30 a.m. Clark pumped his fist as chants of “Beta! Beta!” broke out on the trading floor.
The company, under the ticker symbol “BETA,” priced its shares at $34, above the anticipated range of $27 to $33 and a sign of strong interest from investors. Beta decided to offer millions more shares than it initially had planned, translating into more cash for the South Burlington-based firm.
Beta’s entry into the market was the first initial public offering, or IPO, by a Vermont company in many years. It marked a new phase of growth for the local startup that has swiftly become one of Vermont’s most important companies, even though its aircraft is still under development. At its IPO price, Beta is worth more than $7.5 billion.
“Getting access to the capital markets globally is a logical step to allow us to continue on our dream,” Clark said in an interview with Seven Days.
Beta, which Clark founded in 2017, is developing several versions of small electric aircraft that can carry up to five passengers, as well as the electric motor and charging technologies.
It’s among numerous firms around the world racing to usher in a new era of aviation dubbed advanced air mobility, which backers believe will transform that future of air travel. Beta hopes to certify the first version of its Alia prototype that flies like a conventional airplane by the end of 2026 or early 2027.
Beta had raised more than $1.5 billion in private investment prior to Tuesday’s public offering, including a recent $300 million investment by GE Aerospace. The industry behemoth was also among a handful of firms that had expressed interest in buying shares of Beta through the IPO.
Beta has more than 800 employees, many of whom work at its headquarters at Burlington International Airport.
This story will be updated.
