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RIYADH: Japanese advanced technology developer, ALI Technologies Inc. is preparing for an initial public offering, according to Bloomberg.
Founded in 2016, the drone maker started taking orders for its $700,000 flying motorbike in October.
The single person transporter has the capacity to hit a maximum speed of 80 kilometers per hour, and travel as much as 40 minutes per charge.
“The need for these bikes will be higher in places with desert, or other difficult terrain. The vehicle will enable people to travel where roads are bad and inaccessible to cars, as well as across bodies of water,” Bloomberg reported, citing ALI President Daisuke Katano.
Despite talks with the Tokyo Stock exchange regarding the IPO, an estimated valuation and timeline of the offering are yet to be disclosed.
Such an IPO will make ALI the first listed company in Japan specializing in next generation air mobility.
Over the long term, ALI is aiming for a unicorn valuation of $1 billion or more, according to Katano.
Japan's Suzuki, SkyDrive sign deal to develop, market 'flying cars'4IR can help KSA become a global hub for new drone technology
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