Fly-E Group, which makes and sells electric bikes, motorcycles, and scooters, raised $9 million by offering 2.25 million shares at $4.00, the low end of the range of $4.00 to $5.00. The company had originally filed to offer 3.0 million shares.
Based in Flushing, NY, 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 mainly in the US. Fly-E sources its components from China and the US, and assembles them in a leased facility in Brooklyn. In the fiscal year ended 3/31/24, the company produced 8,390 E-motorcycles, 7,638 E-bikes, and 3,171 E-scooters in this facility.
During the twelve months ended 12/31/2023, the company generated revenue of $29 million.
Fly-E Group plans to list on the Nasdaq under the symbol FLYE. The Benchmark Company acted as sole bookrunner on the deal.
