Flewber Global, which provides private charter flight booking services, lowered the proposed deal size for its upcoming IPO on Thursday.
The New York, NY-based company now plans to raise $7 million by offering 1.4 million shares at a price range of $4 to $5. The company had previously filed to offer 1.8 million shares at the same range. At the revised deal size, Flewber Global will raise 19% less in proceeds than previously anticipated and command a fully diluted market value of $58 million (+6% vs. previous terms).
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 June 30, 2024. It plans to list on the NYSE American under the symbol FLAI. EF Hutton is the sole bookrunner on the deal.
