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Surf Air Mobility Announces IPO on NYSE


Surf Air Mobility Inc. (SRFM), the California-based electric aviation and air travel company, has revealed plans for an initial public offering (IPO) on the New York Stock Exchange (NYSE). The company expects its stock to begin trading under the ticker symbol “SRFM” on July 24.

Increased Registration for Sale of Shares

Last week, Surf Air Mobility disclosed the registration for the sale of 114.39 million shares, up from the initial registration of 38.14 million shares on June 22.

Private Transactions and Stock Valuation

Although no public market has existed prior to the IPO, Surf Air Mobility’s capital stock has been exchanged in private transactions at a price of $11.86 per share in 2023, through June 20. At this price, the registered shares could potentially be valued at $1.36 billion.

Unconventional IPO Approach

The listing of Surf Air Mobility’s common stock on the NYSE without a traditional underwritten IPO is a unique method for initiating public trading. The company acknowledges that this approach may result in more volatile trading volume and price per share compared to an IPO with underwriting.

Timing and Market Performance

Surf Air Mobility’s decision to go public comes during a period when the Renaissance IPO exchange-traded fund has experienced a 33.9% year-to-date increase, while the S&P 500 has advanced by 14.7%.

M&A Activity Among RIAs Remains Strong

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