As per Bloomberg, the Japanese company behind a flying motorbike worth $777,000 plans to float on the stock market through an IPO to raise more funds.
The hoverbike called XTURISMO is the product of ALI Technologies that are located in Tokyo. Its CEO Daisuke Katano said that the company plans to enter the Mother Markets for startups.
Katano added that it was currently in talks to put its stock on the Tokyo Stock Exchange but declined to give a date or a possible target price for an IPO.
The firm’s website claims the 300-pound XTURISMO bike boasts a top speed of 80 km/h with an estimated travel time of 40 minutes. It was launched on the market for pre-orders in October of last year.
In January, The Robb Report reported that the company was making deposits for the bicycle that can be able to reach a height of 2 meters (6.6 feet) in just three seconds. The car made news throughout Japan in March when featured in the opening ceremony for a baseball game in Hokkaido.
Katano said to Bloomberg that the vehicles are generating attention from areas like the Middle East, where the desert terrain was a perfect match for the hovering characteristics of these bikes. The bikes are designed to hover, not fly at a high altitude.
“The vehicle will allow users to travel to areas when roads are not safe and inaccessible to vehicles and lakes,” He said.
Its XTURISMO will be the latest in a series of startups racing to build flying cars. The technology platform Tracxn reports that 37 companies are working on fly vehicles within the US.
A study released by Fortune Business Insights projects that the market for flying cars worldwide will increase by $225 million between 2022 and 2040, to $1.5 trillion by 2040.
A number of these mobility firms are registered on the New York Stock Exchange, including air taxi firm Joby, valued at $3 billion.
Source: Business Insider
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