Fly-E Group, which makes and sells electric bikes, motorcycles, and scooters, announced terms for its IPO on Thursday.
The Flushing, NY-based company plans to raise $14 million by offering 3 million shares at a price range of $4 to $5. At the midpoint of the proposed range, Fly-E Group would command a market value of $113 million.
Fly-E Group designs, installs, and sells smart electric motorcycles, electric bikes, electric scooters, and related accessories under the brand "Fly E-Bike." The company's product portfolio currently consists of 21 E-motorcycle products, 21 E-bike products, and 34 E-scooter products, which it sells both online and through a network of 39 retail stores across the US and Canada. Fly-E sources a significant portion of its components from China and the US, which are then assembled in a leased facility located in Brooklyn, New York. In the nine months ended 12/31/23, the company produced 6,663 E-motorcycles, 6,119 E-bikes, and 2,880 E-scooters in this facility.
Fly-E Group was founded in 2018 and booked $29 million in revenue for the 12 months ended December 31, 2023. It plans to list on the Nasdaq under the symbol FLYE. The Benchmark Company is the sole bookrunner on the deal.
