Electric aircraft manufacturer "unicorn" BETA Technologies (BETA.US) overfunds IPO with pricing at $34 per share, higher than the expected range.

According to the Securities Times, small electric aircraft and propulsion system developer BETA Technologies (BETA.US) successfully raised $1 billion by issuing 29.9 million shares, priced at $34 per share, exceeding the pricing range of $27 to $33. The company originally planned to issue 25 million shares. Cornerstone investors Alliance Bernstein, BlackRock, Ellipse, GE Aviation and Federated have already subscribed to $300 million worth of shares (now accounting for 30% of the total trading volume). After the pricing, BETA's fully diluted market value reached $8.3 billion.