Airo Group has made progress in its plan to issue an initial public offering (IPO) by filing an S-1 draft registration statement with the Securities and Exchange Commission (SEC).
The company added that the timing of the IPO is subject to an SEC review process and other market conditions. The number of shares or anticipated price range for the equity have not been determined.
The move will provide further funding for subsidiary companies including Aspen Avionics and eVTOL aircraft developers Jaunt Air Mobility.
Jaunt, while developing a four-passenger eVTOL aircraft called Journey, became a wholly-owned subsidiary of Airo in March 2022 and secured a pair of new investors in its program in April.
In late July, Jaunt announced that it intends to establish a final assembly line for its Journey in India before the end of the 2020s to serve the South Asian market.
The eVTOL developer is expected to deliver its Journey eVTOL air taxis in 2026.
Airo was founded by Delhi-born Indian-American entrepreneur Chirinjeev Kathuria. On July 26, the group completed the merger of six aerospace companies from air mobility, drones, avionics, and training sectors.
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