E-Bike Maker Fly-E Prepares $14M IPO

Fly-E Group, a manufacturer of e-bikes, e-scooters and e-motorcycles has announced its terms for an initial public offering (IPO). The Flushing Queens, New York, brand plans to offer three million shares, which would be priced between $4 and $5 per share. The company hopes to raise $14 million in the IPO.

If Fly-E sells half of the shares it plans to offer, the brand’s market value should rise to $133 million.

At present, Fly-E makes 21 different e-bikes, 21 e-motorcycles and 34 e-scooters, which it sells through a network of 39 retailers in the U.S. While it sources many of its components from China, they are assembled at a facility in Brooklyn. In final three quarters of 2023, the factory produced 6,119 e-bikes, 6,663 e-motorcycles and 2,880 scooters.

Founded in 2018, the company booked $29 million in revenue for the 12 months ended 12/31/2023. The stock will be listed on Nasdaq under FLYE.