Vermont electric aviation startup Beta Technologies raked in more than $1 billion on Tuesday as it debuted on the New York Stock Exchange at a higher-than-expected price for its initial public offering.
Founder and CEO Kyle Clark, his family and other company officials stood on the balcony that overlooks the trading floor and rang the exchange’s iconic opening bell at 9:30 a.m. Clark pumped his fist as chants of “Beta! Beta!” broke out on the trading floor.
The company, under the ticker symbol “BETA,” priced its shares at $34, above the anticipated range of $27 to $33 and a sign of strong interest from investors. Beta decided to offer millions more shares than it initially had planned, translating into more cash for the South Burlington-based firm.
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Derek Brouwer is a news reporter at Seven Days who is interested in class, poverty, housing, homelessness, criminal justice and business. Since joining Seven Days in 2019, his reporting has won more than a dozen awards from the Association of Alternative… More by Derek Brouwer
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