Beta Technologies, an electric aircraft company, debuted on the New York Stock Exchange on Tuesday at $34 a share.
On Monday, the company priced shares in its IPO at $34 each, above its expected range of $27 to $33. Beta said it sold 29.9 million shares, raising over $1 billion. The stock traded about 5% lower after it opened.
Beta's IPO marks a major test for the small but competitive electric vertical takeoff and landing (eVTOL) industry that's been vying for approval from the Federal Aviation Administration. The nascent market is currently led by the likes of Joby Aviation
and Archer Aviation
, and proponents say the technology can ease air traffic congestion.
