Flewber Global, which provides private charter flight booking services, raised the proposed deal size for its upcoming IPO on Tuesday.
The New York, NY-based company now plans to raise $8 million by offering 1.7 million shares at a price range of $4 to $5. The company had previously filed to offer 1.4 million shares at a range of $4 to $5. At the midpoint of the revised range, Flewber Global will raise 16% more in proceeds than previously anticipated and command a fully diluted market value of $59.4 million and an enterprise value of $56.3 million.
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.
Primary shareholders include Marc Sellouk (20% post-IPO stake), Jay Yu (15%), Avner Nebel (5%), Jon Bakhshi (5%), and Jaisun Garcha (3%).
Flewber Global was founded in 2018 and booked $3 million in sales 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.
