Strong Investor Backing Amid Market Headwinds
The company initially filed to raise $750 million by offering 25 million shares at a price range of $27 to $33, but boosted the size of the deal to meet robust demand. Cornerstone investors AllianceBernstein, BlackRock, Ellipse, GE Aerospace, and Federated collectively snapped up $300 million worth of shares, representing about 30% of the total offering.
Beta reported $23 million in revenue for the fiscal year ending June 30, according to SEC documents. Proceeds from the IPO will go toward general corporate purposes, helping Beta scale operations, expand its manufacturing capabilities, and accelerate development of its electric aircraft lineup.
IPO Success Despite Government Hurdles
Beta’s debut is particularly notable as it comes amid a partial U.S. government shutdown, which has limited the SEC’s capacity to process filings and hindered other IPO hopefuls. Despite these obstacles, Beta successfully lifted off — a testament to the growing investor enthusiasm for sustainable aviation and next-generation propulsion technology.
The Kirkland & Ellis team advising Beta Technologies was led by partners Matthew Pacey and Jennifer Wu, while the Davis Polk & Wardwell team representing the underwriters was led by Roshni Banker Cariello and Stephen Byeff.
