Singaporean eVTOL aircraft developer Neo Aeronautics ups shares offered, adds insider selling ahead of $25 million US IPO
IPO Overview
Neo Aeronautics, a pre-revenue Singaporean developer of eVTOL and conventional aircraft, raised the proposed deal size for its upcoming IPO on Friday.
The Singapore-based company now plans to raise $25 million by offering 5 million shares （25% secondary） at a price range of $4 to $6. The company had previously filed to offer 2.5 million shares （100% primary） at the same range. At the midpoint, Neo Aeronautics will raise 122% more in proceeds than previously anticipated.
Neo Aeronautics develops and engineers electric and conventional VTOL platforms for the US sports and recreational market, logistics solutions, and customized aerial applications, offering single-seat eVTOLs under 254 pounds, unmanned aircraft carrying up to 220 pounds, and specialized vehicles with payloads above 100 pounds. Its brand lines include Crimson for personal aerial vehicles, Pegasus for logistics, and SeaArcher for specialized needs. The company has yet to generate any revenue.
Neo Aeronautics was founded in 2018. It plans to list on the NYSE American under the symbol NEOA. Revere Securities is the sole bookrunner on the deal.
About the Company
Our vision is to accelerate the Advanced Air Mobility （“AAM”） market through the provision of “Safe, Reliable, and Sustainable” vertical takeoff and landing （“VTOL”） services, products and solutions. We design and engineer electric and conventional Vertical TakeOff and Landing （“eVTOL and cVTOL”） air vehicles and air vehicle platforms and their supporting systems and infrastructure that “conform to existing regulatory requirements” for a broad range of industries and applications, including passenger transportation for sports and recreational purposes, logistics and customized aerial vehicles solutions. The National Aeronautics & Space Administration （“NASA”） defined AAM as that of a safe, accessible, automated, and affordable air transportation system for passengers and cargo capable of serving previously hard-to-reach urban and rural locations. We follow closely the strategies and guidelines issued by NASA which include （i） conformity to existing federal regulations, （ii） market penetration via sub-urban settings, and （iii） partnerships with local governments and communities for use in the urban air mobility market （“UAM”）。 With our VTOL solutions, we would be able to service the （i） sports and recreational markets for personal use, （ii） logistics and transportation markets, and （iii） special application markets targeting both government and commercial needs.