Electric aircraft manufacturer "Unicorn" BETA Technologies (BETA.US) overfunded: IPO priced at $34, higher than expected range.

Small electric aircraft and propulsion system developer BETA Technologies (BETA.US) successfully raised $1 billion by issuing 29.9 million shares at a price of $34 per share, higher than the price range of $27 to $33. The company had initially planned to issue 25 million shares. Cornerstone investors Alliance Bernstein, BlackRock, Inc., Ellipse, GE Aviation, and Federated have already subscribed for $300 million worth of stock (30% of the total offering). After pricing, BETA's fully diluted market value will reach $8.3 billion. BETA develops, manufactures, and sells high-performance electric aircraft, advanced electric propulsion systems, charging systems, and related components. The company believes its ALIA CTOL electric aircraft is at the forefront of the electric aviation industry, having successfully flown nearly 83,000 nautical miles, including operations in North America and Europe. BETA's market entry strategy for aircraft initially focuses on selling to operators specializing in cargo and logistics, military, and medical operations, before delivering aircraft for passenger transportation. The company is also developing a digital platform called "BETA Operate," which will offer four modules: maintenance, control center, network, and data. BETA plans to list on the New York Stock Exchange under the ticker symbol BETA. Morgan Stanley, Goldman Sachs Group, Inc., Bank of America Securities, Jefferies Financial Group Inc., TPG Capital BD, and Citigroup will serve as joint lead underwriters for the transaction.