Electric vertical takeoff and landing (eVTOL) aircraft manufacturer EHang filed papers with the U.S. Securities and Exchange Commission (SEC) on October 31 to prepare the way for an anticipated $100 million initial public offering (IPO) on Nasdaq. The China-based group made an SEC F1 filing for the Cayman Islands-registered EHang Holdings Limited, giving notice of its intention to offer Class A ordinary shares from an as-yet unspecified date before the end of 2019 and secure a Nasdaq listing under the symbol EH. The IPO would make EHang the first of numerous privately owned eVTOL startups to go public.
One factor that sets it apart from other companies vying to get ahead in a crowded sector that reportedly includes up to 200 new aircraft developments is that EHang has already started to make deliveries of its two-seat 216 Autonomous Aerial Vehicles (AAVs). According to the F1 filing, it has delivered 38 AAVs since March 2018 to various partners and prospective distributors, including freight group DHL-Sinotrans. It reported “unfulfilled orders” for 28 aircraft.
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