Surf Air Mobility's NYSE reference price has been set at $20 per share ahead of its direct listing today. The Hawthorne, CA-based company plans to list on the NYSE under the symbol SRFM.
The NYSE reference price does not reflect an offering price, or the opening price for its shares. Instead, the opening public price will be determined by the designated market maker, using buy and sell orders collected by the NYSE from broker-dealers.
The Registered Stockholders, which represent all major existing shareholders including management, have registered to sell up to 20.4 million common shares.
Surf Air provides a regional air mobility platform with scheduled routes and on-demand charter flights operated by third parties. It intends to develop powertrain technology with its commercial partners to electrify existing fleets, which it believes will substantially reduce the cost and environmental impact of regional flying. In May 2022, the company agreed to merge with Southern Airways to expand its footprint; Surf Air and Southern together served over 99,000 passengers across 44 cities with over 18,000 departures in the 1Q23.
As a direct listing without a firm commitment offering, there are no underwriters on the deal; instead, Morgan Stanley, Canaccord, Moelis, Baird, and Sanford Bernstein serve as financial advisors.
