Flewber Global, which provides private charter flight booking services, announced terms for its IPO on Thursday.
The New York, NY-based company plans to raise $7 million by offering 1.6 million units at a price range of $4 to $5. Each unit consists of one share of common stock and one warrant, exercisable at 115% of the IPO price. At the midpoint of the proposed range, Flewber Global would command a fully diluted market value of $47 million.
Because the company plans to offer units with warrants attached and is expected to have a post-IPO market cap of less than $50 million, Flewber Global will be excluded from Renaissance Capital's 2023 IPO stats.
Flewber is focused on bringing a service similar to the convenience of on-demand ride sharing to the private air travel market. Private air travelers can book local, regional, and international flights through Flewber Luxe, the company's traditional brokerage division, or through the tech-driven Flewber App, which was originally launched for booking seats on private flights operated by subsidiary Ponderosa Air (2018 acquisition). Flights booked through Flewber App have been minimal to date.
Flewber Global was founded in 2018 and booked $3 million in revenue for the 12 months ended June 30, 2023. It plans to list on the Nasdaq under the symbol FLAI. Maxim Group LLC and Joseph Gunnar are the joint bookrunners on the deal.
