First IPO priced in June: Fly-E Group (FLYE) trimmed its small-cap IPO to 2.25 million shares – down from 3.0 million shares in the prospectus – and priced the deal at $4.00 – the low end of its $4.00-to-$5.00 price range – to raise $9.0 million on Wednesday night, June 5, 2024. Fly-E Group’s stock soared in its NASDAQ debut on Thursday, June 6, 2024, opening at $5.50 – up $1.50 for a 37.5 percent gain from its $4.00 IPO price – at 11:10 a.m. EDT on volume of 342,205 shares. (Editor’s Note: Updates column published Wednesday night with news today – Thursday, June 6, 2024 – of Fly-E Group’s debut on the NASDAQ.)
The slimmer pricing details gave Fly-E Group a market cap of $97 million.
The Benchmark Company served as the sole book-runner.
A Moto-Savvy CEO
Fly-E Group, based in Flushing, Queens, was founded in 2018 by Zhou (Andy) Ou, who is also the CEO. His previous experience includes working as a manager at a food delivery company and running a motorcycle repair shop.
“We are now one of the leading providers of E-bikes for food delivery workers in New York City,” the prospectus says.
Fly-E Group is profitable. The company reported net income of $1.25 million on revenue of $29.35 million for the year that ended Dec. 31, 2023, according to financial statements in the prospectus.
“As of May 3, 2024, we have 39 retail stores, including 38 stores in the United States and one store in Canada,” the prospectus says. “We plan to expand our presence in the United States and extend our business into South America and Europe in the future. We also sell our products through our online store at https://www.flyebike.com/ .”
Stay tuned.
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