Joby Aviation prices public offering at $202m

Electric air taxi developer Joby Aviation announced that it has successfully priced its public offering of 40m shares of common stock at $5.05 per share.

The offering is expected to raise $202m, excluding underwriting discounts and commissions.

Joby plans to use the proceeds to fund its certification and manufacturing efforts, prepare for commercial operations, and support general working capital needs. The offering is expected to close on October 28, 2024, subject to customary closing conditions.

Morgan Stanley and Allen & Company LLC are serving as joint book-running managers for the offering.

This announcement comes on the heels of Toyota Motor Corporation’s recent investment of $500m in the company.

Joby Aviation is gearing up to launch its electric air taxis for urban transportation in 2025. The company has partnered with Delta Air Lines and Uber in New York City and Los Angeles, and will also operate in Dubai and Abu Dhabi. Additionally, Joby has secured a $55 million contract with the Department of Defense.

To date, Joby has raised a total of $2.6bn in funding, according to Pitchbook data.