EAV, the maker of China’s self-driving vehicles, is one of several companies seeking to commercialise “air taxis” and has officially listed on nasdaq for $12.5, Bloomberg reported. E.B.I. opened the day at $12.55 above its offering price, closing at $1.249 billion, down one cent from its offering price of $12.50.
The Guangzhou-based company’s IPO totaled 3.2m ADS, raising $40m.
Xiong Yifang, the company’s co-founder and chief marketing officer, said that becoming “the first stock of drones” would help build the airline and that the share price could “move up and down.” “We are considering long-term goals, ” Mr Xiong said. “We want to be more transparent. We want credibility. “
The company was founded in 2014 with the goal of making “safe, autonomous and environmentally friendly air travel for all,” according to its filing with the Securities and Exchange Commission. The company’s vehicles can be used for traffic management and emergency response.
The company has also partnered with China and Athens to use cargo drones to handle China’s last-kilometre deliveries. It has also previously partnered with Yonghui Supermarketco Ltd. to use drones to deliver food.
From January to September 2019, the company achieved revenue of RMB67.13 million and a net loss of RMB47.84 million. For the full year of 2018, the company posted a net loss of $80.46 million and revenue of $66.49 million.