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eVTOL Developer EHang Sets IPO Price

Autonomous electric aircraft developer EHang Holdings is looking to raise $46 million from an initial public offering (IPO) due to begin trading today on the Nasdaq Global Market. The target is less than half the $100 million projected when the company filed its IPO declaration with the U.S. Securities and Exchange Commission on October 31.

EHang, trading under the symbol EH, is offering 3.2 million American Depository Shares (ADSs) at $12.50 per share, which is at the lower end of the $12.50 to $14.50 anticipated in SEC filings made earlier this week. Underwriters also have a 30-day option to purchase a further 480,000 ADSs at the offer price.

According to a Nasdaq statement, existing investors are expected to pay a further $7 million for further shares through the IPO, which is due to close on December 16. At the IPO offer price, EHang has a fully diluted market capitalization of $687 million.

Last week, EHang announced a partnership with Heli Chuangxin Real Estate Co. Ltd to jointly develop infrastructure to support urban air mobility operations in the Chinese city of Guangzhou. As part of a pilot program approved by Chinese authorities, the partners have identified sight-seeing flights as one of the early commercial applications for the two-seat EHang 216 autonomous aerial vehicle.