Wheels Up
(Photo: David McIntosh)

Wheels Up Now Trading on NYSE

The private aviation charter and aircraft ownership services company successfully closed its IPO and will use the proceeds to expand.

Wheels Up,  which offers private aviation charter and aircraft ownership services, has closed its transaction with special purpose acquisition company (SPAC) Aspirational Consumer Lifestyle, making it a publicly traded company. The capital raised will accelerate investment in Wheels Up's technology and product offerings, driving global growth strategies and expansion of the Wheels Up Marketplace with membership and non-membership options, the company said.

Wheels Up To Go Public in $2.1B Deal

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Wheels Up To Go Public in $2.1B Deal

Shares in the private aviation company will be traded on the New York Stock Exchange.

“This is a special milestone for Wheels Up,” said the company's founder and CEO, Kenny Dichter. “Since our 2013 launch, it has been our mission to create a dynamic platform to democratize private aviation, making it possible for significantly more people to experience private flying.”

In the first quarter, Wheels Up reported record year-over-year revenue growth of 68 percent, to $261.7 million, and a 56 percent increase in the number of active members. Wheels Up offers membership programs, on-demand charter, aircraft management, whole aircraft sales, and corporate solutions.

Now known officially as Wheels Up Experience, the company will trade on the New York Stock Exchange under the symbol “UP.”