Fly-E Group, Inc. Plans $14 Million IPO for June 5th (FLYE)

Fly-E Group, Inc. (FLYE) is planning to raise $14 million in an IPO on Wednesday, June 5th, IPO Scoop reports. The company plans to issue 3,000,000 shares at $4.00-$5.00 per share.

In the last 12 months, Fly-E Group, Inc. generated $29.4 million in revenue and $1.3 million in net income. The company has a market-cap of $112.5 million.

Fly-E Group Ltd. provided the following description of their company for its IPO: “We are an electric vehicle (“EV”) company that is principally engaged in designing, installing and selling smart electric motorcycles (“E-motorcycles”), electric bikes (“E-bikes”), electric scooters (“E-scooters”) and related accessories under the brand “Fly E-Bike.” (Incorporated in Delaware) At Fly E-Bike, our commitment is to encourage people to incorporate eco-friendly transportation into their active lifestyles, ultimately contributing towards building a more environmentally friendly future. Fly E-Bike was established in 2018 with its first store opened in New York. Our business has grown rapidly since then and we are now one of the leading providers of E-bikes for food delivery workers in New York City. As of May 3, 2024, we have 39 retail stores, including 38 stores in the United States and one store in Canada. We plan to expand our presence in the United States and extend our business into South America and Europe in the future. We also sell our products through our online store at We have a diversified product portfolio that is designed to satisfy the various demands of our customers and address different urban travel scenarios. Additionally, we aim to refresh our product offerings continuously to align with evolving market trends. As of May 3, 2024, we offered 21 E-motorcycle products, 21 E-bike products and 34 E-scooter products. We are currently developing the Fly E-Bike app, which is a management service mobile software for our EVs.  We aim to design an app that will bring users a comprehensive intelligent experience to create a safer and more satisfying riding life. The development of the app is still in its preliminary stage. We have launched a testing version of the app, which is currently unavailable to our customers. We source a significant portion of our vehicle components from China and the United States, and then assemble them into our vehicles in a leased facility located in Brooklyn, New York. In the year ended March 31, 2023, we produced 2,039 E-motorcycles, 5,953 E-bikes and 2,279 E-scooters in this facility. For the year ended March 31, 2024, we produced 8,390 E-motorcycles, 7,638 E-bikes and 3,171 E-scooters at the same facility. In response to the increasing demand for our products, we are currently looking to lease a larger assembling facility to replace our current facility in the near future. Note: Net income and revenue are for the 12 months that ended Dec. 31, 2023. (Note: Fly-E Group Ltd. disclosed its terms for its IPO – 3.0 million shares at a price range of $4.00 to $5.00 – to raise $13.5 million, in an F-1/A filing dated April 3, 2024.) “.

Fly-E Group Ltd. was founded in 2018 and has 84 employees. The company is located at 136-40 39th Avenue Flushing, NY 11354 and can be reached via phone at (929) 410-2770 or on the web at

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