Jaunt Air Mobility, which is developing a four-passenger eVTOL aircraft called Journey, became a wholly owned subsidiary of Airo Group (AG) in March 2022. Now its parent company is planning to go public, reports flyingmag.com. Jaunt should financially benefit from such a move, alongside subsidiary Aspen Avionics, as the IPO will provide further funding.
This week AG announced it had filed an S-1 draft registration statement with the Securities and Exchange Commission (SEC). The U.S company commented it has yet to determine the number of shares or the equity price. The timing of the IPO is subject to an SEC review process, as well as the strength of the global stock market. In a statement released Monday, the aerospace consortium made clear “it seeks growth opportunities across its verticals.”
Jaunt expects to start delivering the Journey in 2026. In late July, the company announced it intends to establish a final assembly line for its aircraft in India before the end of this decade to serve the South Asian market. The move is based on its earlier partnership with the country’s L&T Technology Services group.
Jaunt aims to certify the aircraft in the U.S., Canada, and Europe, and will construct early examples in North America, with an initial list price of USD1.5 million.
Meanwhile, Airo was founded by Delhi-born Indian-American entrepreneur Chirinjeev Kathuria. Last month, the group announced it had completed the merger of six aerospace companies, spanning involvement in the air mobility, drones, avionics and training sectors.
Joe Burns, AG’s CEO, recently commented, “Operators are looking for a pedigree of certification and safety as well as robust, dynamic capabilities, efficiencies and quiet operations.”
He continued, “AIRO is proud to have received numerous aircraft orders as well as multiple U.S. DOD contracts aimed at optimising eVTOL speed and minimising acoustic signatures for quiet operations.”
In addition to Aspen Avionics, which is an established supplier of flight deck systems in the general and business aviation sectors, Airo is also earning revenues from its pilot training and drone operations.
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(News Source: www.flyingmag.com)
(Images: Jaunt Air Mobility)