Fly-E Celebrates IPO Success and Bright Future of E-Two-Wheel Market
TL;DR
Fly-E Group, Inc. celebrated its successful IPO by ringing the closing Nasdaq bell, showcasing its strength in the market and with investors.
Fly-E Group, Inc. raised $9 million from its IPO, using the net proceeds to cover the purchase of inventory and production costs, expand its retail stores, and invest in technology and research.
Fly-E Group, Inc.'s electric bikes, scooters, and motorcycles contribute to an eco-friendly urban mobility revolution, helping to curb emissions and provide a greener way to get around crowded cities.
The global electric scooter market had a value of $24.67 billion last year and is predicted to reach $50.78 billion by 2032, driven by a push to curb emissions and provide a quick and easy way to get around crowded cities.
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Fly-E Group, Inc. (NASDAQ: FLYE), the maker of electric bikes, scooters, motorcycles and accessories, joined the elite club of companies ringing the closing bell at Nasdaq on Wednesday. This gesture celebrated Fly-E's successful startup journey and its recent initial public offering (IPO) that raised $9 million. The event also highlighted the burgeoning electric two-wheel transportation market, which is driven by global efforts to curb emissions and promote eco-friendly urban mobility.
The global electric scooter market alone was valued at $24.67 billion last year and is projected to reach $50.78 billion by 2032, according to a recent report. With cities becoming more congested, e-scooters, e-bikes, and e-motorcycles offer a greener and more convenient transportation solution.
In its IPO, Fly-E offered 2.25 million shares at $4 per share, with an overallotment option for underwriters to purchase an additional 337,500 shares. The company plans to use the net proceeds to expand its inventory, retail stores, technology, research and development initiatives, and for general corporate purposes.
Founded in 2018 and based in New York City, Fly-E designs, installs, and sells smart electric motorcycles, electric bikes, electric scooters, and related accessories under the brand "Fly E-Bike." The company currently offers 21 e-motorcycle products, 21 e-bike products, and 34 e-scooter products, which are sold online and through a network of 39 retail stores primarily in major U.S. metropolitan areas. Fly-E is also expanding its footprint to South America and Europe.
While Fly-E is a high-growth IPO, its financials demonstrate financial discipline. The company reported $1.2 million in net income for the first nine months of 2023, with revenue growing 46% during the same period. Fly-E boasts gross margins of 39% and is EBITDA and net profit positive, attributing its margin strength to its growing maintenance, service business, and accessories sales.
As the e-scooter, bike, and motorcycle market continues to take off, Fly-E is emerging as an important player in this rapidly evolving industry. With its successful IPO, strong financials, and ambitious growth plans, Fly-E's story is one that investors may want to keep an eye on.
Curated from News Direct
