Electric Plane Maker Beta Technologies Raises $1 Billion in IPO

Beta Technologies Inc., an electric-powered aircraft manufacturer, raised $1.02 billion in an upsized initial public offering, pricing above the marketed range despite turbulence created by the US government shutdown.

The company priced the shares above range at $34 each, according to a statement Monday confirming an earlier Bloomberg News report. The deal was upsized to 29.9 million shares from a base deal of 25 million shares marketedat $27 to $33 each. The IPO was about 20 times oversubscribed, people familiar with the matter have said.

At the IPO price, the South Burlington, Vermont-based firm has a market ...