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Texas-based Jaunt Air Mobility could be the next eVTOL developer to tap into public funding after its parent company, AIRO Group Holdings, shared plans for an initial public offering (IPO).

The company announced on Aug. 15 that it has filed a Form S-1 draft registration statement with the Securities and Exchange Commission (SEC).

AIRO hasn’t revealed the number of shares it plans to offer or the price range for the proposed offering. The registration statement is expected to become effective after the SEC completes its review process, and subject to market and other conditions.

Jaunt is developing an all-electric and hybrid-electric VTOL aircraft for passenger services, cargo delivery, military missions or medical transport.

The Texas startup recently made inroads in Canada after partnering with L&T Technology Services Limited (LTTS) to open a research and development center in Montreal, Quebec — the same region it turned to for its design and manufacturing facility last year.

Jaunt is aiming to start testing its full-scale demonstrator in 2023, and receive certification with Canadian aviation authorities by 2026, at which time, its aircraft could be used for air taxi services through a partnership with vertiport developer Vertiko Mobility.

Along with Jaunt, AIRO’s portfolio of companies includes drone companies AIRO Drone and Sky-Watch, aviation and special missions training providers Agile Defense and Coastal Defense, avionics manufacturer Aspen Avionics, and fellow eVTOL developer VRCO.

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