Flewber Global, which provides private charter flight booking services, raised the proposed deal size for its upcoming IPO on Monday. In its latest filing, the company also disclosed financials for the nine months ended September 30, 2023, and replaced bookrunners Maxim Group and Joseph Gunnar with Joseph Stone Capital.
The New York, NY-based company now plans to raise $15 million by offering 3.8 million shares at $4. The company had previously filed to offer 1.6 million units at a range of $4 to $5, with each unit containing one share of common stock and one warrant. At the revised terms, Flewber Global will raise 114% more in proceeds than previously anticipated.
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. The company also plans to launch an air-taxi service (Flewber Hops) in the near future. Flewber is currently in the process of building out its air-taxi fleet, and all of its revenue has been generated by bookings for third-party aircraft carriers.
Flewber Global was founded in 2018 and booked $3 million in revenue for the 12 months ended September 30, 2023. It plans to list on the Nasdaq under the symbol FLAI. Joseph Stone Capital is the sole bookrunner on the deal.
