Electric aircraft startup Beta Technologies is seeking to raise $825 million through an IPO

Electric aviation startup Beta Technologies has priced shares of its initial public offering at between $27 and $33, hoping to raise as much as $825 million, according to a regulatory document filed with the U.S. Securities and Exchange Commission. If the company attracts investors at the top of that range, it will debut at a valuation of about $7.2 billion.

The Vermont-based company, which was founded in 2017 by its mysterious CEO Kyle Clark, filed paperwork on Wednesday despite the government shutdown. The SEC issued guidance earlier this month allowing companies in IPO limbo to allow their statements on certain areas, including stock price, to automatically become effective after 20 days, even without SEC staff review. Several other companies, including Navan, have gone ahead with IPO plans under this rule.

Clark, a Harvard-educated former professional hockey player and flight instructor, didn’t follow the typical path of a startup founder. He avoided Silicon Valley and went to his hometown of Vermont and took a different route to raise money to develop and build electric aircraft. Beta has never taken venture capital, instead raising $1.15 billion in funds from institutional investors such as Fidelity and the Qatar Investment Authority.

Last month, Beta Technologies announced a strategic deal with GE Aerospace to build a hybrid electric turboprop for next-generation aircraft. GE Aerospace agreed to take a stake in the company and invest $300 million as part of the deal.