Private plane operator Surf Air Mobility is expected to file for a direct listing with trading beginning this summer, Bloomberg reports, citing sources with knowledge of the plans.
Companies that go public via direct listing usually don't raise new funds, with existing investors typically able to sell shares on the opening day of trading, without the restrictions of an initial public offering. Direct listings also save on banking fees and do not require time-consuming investor roadshows.
A source told Bloomberg the company had more than $100 million in revenue and 500,000 customers last year. Surf Air had last year confidentially submitted a draft with the sec following a failed merger with SPAC Tuscan Holdings II at a $1.42 billion valuation.
At the time the SPAC deal was called off in November, Tuscan II disclosed that if Surf Air completes a direct listing, IPO, a SPAC transaction or a sale by Nov. 14, 2025, Surf Air will issue to Tuscan 600,000 shares and reimburse Tuscan's expenses by issuing an additional 35,000 shares or paying the SPAC $700,000 in cash.
Surf Air is an electric aviation and air travel company. Read more.