Sept 29 (Reuters) -
Electric aircraft maker Beta Technologies filed for an
initial public offering in the United States on Monday, the
latest company to join the rush to tap a record-breaking bull
run in the equity market.
Easing trade tensions, robust stock markets and pent-up
investor demand have combined to create one of the busiest
windows for listings in years, with technology, aerospace and
green energy firms leading the charge.
Beta Technologies designs, manufactures and sells
high-performance electric aircraft, advanced electric propulsion
systems, charging systems and components.
Electric aviation remains a niche segment of the
transportation industry, with only a handful of companies
developing and testing commercial aircraft.
The company said, citing internal estimates, that operating
costs for its aircraft are 42% lower than conventional planes,
thanks to a simplified design.
"Our aircraft's design eliminates the need for complex
components such as gear boxes, in-flight liquid cooling systems,
and thrust vectoring mechanisms," it added in the IPO
prospectus.
Beta Technologies said its ALIA CTOL electric aircraft
has completed thousands of flights, covering nearly 83,000
nautical miles, including operations in North America and
Europe.
The company's aircraft has also been used by the U.S.
military in training missions and flown by the Federal Aviation
Administration (FAA).
The broader electric vehicle and technology industries
have been in the spotlight for years, drawing investment and
fueling growth across the automotive and clean-tech sectors.
Interest, however, has been uneven, with some segments
and regions growing rapidly while others face adoption and
infrastructure challenges.
Beta Technologies, backed by tech giant Amazon ( AMZN ),
did not disclose the size or terms of its offering.
The company is aiming to trade on the New York Stock
Exchange under the symbol "BETA."
Morgan Stanley and Goldman Sachs are the lead underwriters
of the offering.
(Reporting by Manya Saini in Bengaluru; Editing by Shilpi
Majumdar and Anil D'Silva)