There’s a new aviation company hitting the New York Stock Exchange today, and it’s not your usual airline. Wheels Up (NYSE:UP) has begun trading on the NYSE, a first-of-its-kind listing. As such, Wheels Up stock is shooting upward as it piques investor interest.
Wheels Up is a private aviation company that looks to bridge flyers with at-your-fingertips access to private jets. The company offers a wide variety of membership services. Core members have quick access to jet-chartering services, allowing one to be wherever they need to be with as little as 24 hours’ notice.
Outside of the typical flight-booking services for those looking to fly private, the company also offers an owner’s membership. With this, the company offers to manage one’s own private aircraft.
The company strives to be not just a chartering service for aircraft, but a lifestyle membership as well. The benefits of membership at Wheels Up extend to other lavish services, like exclusive meet-and-greets with celebrity partners and access to exclusive parties and events.
Wheels Up Stock Lands on NYSE as First Private Aviation Company
Wheels Up stock is breaking new ground as the first private aviation stock listed on the NYSE. A press release this morning is detailing the company’s public trading debut.
The company is going public via merger with special purpose acquisition company (SPAC) Aspirational Consumer Lifestyle (NYSE:ASPL). The transaction closed last night, and this morning we’re seeing Wheels Up’s first trades on Wall Street under its ticker, “UP.”
Investors are jumping at the opportunity to invest in UP, no doubt due to its impressive past earnings. In Q1, the company posted a year-over-year revenue growth of 68%, pulling in over $267 million. It also grew out its user base by 56% in the last year.
As such, Wheels Up stock is seeing some immediate gains today. Over 4 million shares have swapped hands, and UP has been boosted by nearly 9% in the first hours of trading.
On the date of publication, Brenden Rearick did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.