Surf Air Mobility expects to go public on the NYSE on July 24, with a potential valuation of more than $1 billion

Surf Air Mobility Inc.
SRFM,
,
the California-based electric aviation and air travel company pursuing an initial public offering (IPO) without the traditional book-building process, said it expects its stock to start trading on the New York Stock Exchange, under the ticker symbol “SRFM,” on July 24. The company had disclosed last week the registration for sale of of 114.39 million shares, up from the registration of 38.14 million shares that was disclosed on June 22. The company said while no public market has existed prior to the IPO, its capital stock has been exchanged in private transactions at a price of $11.86 per share in 2023, through June 20. At that price, the shares registered could be valued at $1.36 billion. “[T]he listing of our common stock on the NYSE without a traditional underwritten initial public offering is a novel method for commencing public trading in shares of our common sock, and consequently, the trading volume and price per share of our common stock may be more volatile than if shares of our common stock were initially listed in connection with an underwritten initial public offering,” the company said. The company is looking to go public at a time that the Renaissance IPO exchange-traded fund
IPO,
+1.56%
has run up 33.9% year to date, while the S&P 500
SPX,
+0.24%
has advanced 14.7%.