US-EU Index Rebalances / Quantitative Researcher, ORTEX

Dimitris Ioannidis

US-EU Index Rebalances / Quantitative Researcher

Global Financial Data and Analytics Platform

ORTEX

ORTEX is a global financial data and analytics platform providing real-time securities lending and short interest data, index rebalance data, holdings and insider transactions, trading signals, corporate actions and news,  stock machine learning and factor scores and other analytics. The majority of the data are downloadable and accessible through APIs.

Index Rebalance

<ul>
<li>Electric aircraft company <a href="https://www.smartkarma.com/entities/beta-technologies-inc" target="_blank" data-smartkarma-citation="entities:45894:1" rel="noopener">BETA Technologies (BETA US)</a> went public on 4 November 2025 on NYSE and has a current market cap of over $7.5bn.</li>
<li>Inclusion in US indices is expected in December 2025 and March 2026, as the security meets US eligibility criteria before the lock-up expiry.</li>
<li>Earliest inclusion in Global indices is expected in February and June 2026, with potential delay due to free float and float cap constraints during the lock-up period.</li>
</ul>


Electric aircraft company BETA Technologies (BETA US) went public on 4 November 2025 on NYSE and has a current market cap of over $7.5bn.
Inclusion in US indices is expected in December 2025 and March 2026, as the security meets US eligibility criteria before the lock-up expiry.
Earliest inclusion in Global indices is expected in February and June 2026, with potential delay due to free float and float cap constraints during the lock-up period.


BETA Technologies (BETA US): Electric Takeoff to US & Global Indices

US IPOs and Secondary Offerings, IPO Boutique

IPO Boutique

US IPOs and Secondary Offerings

For more than 20 years, we have been providing research, analysis, commentary and ratings on US Equity Capital Markets to institutional investors (US IPOs and Secondary Offerings). Our vast network of contacts across the Equity Capital Markets and attention-to-detail sets us apart from our competitors.

Since 2012, we have achieved a successful hit rating on 89% of Buy-rated IPOs. The collective “Buy” ratings averaged a first trade of 16.3% above issue.Our Neutral Rated Deals averaged just 2% above the issue price at first trade.

Our written research includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

In addition, we provide a high-touch premium desk access which includes analyst access, as well as real time insights on US IPOs as well as secondary offerings.

IPOs and Secondary Offerings

Equity Capital Markets

BETA Technologies / Equity Capital Markets

<ul>
<li>Beta Technologies (BETA US) priced 29.9 million shares at $34.00 — $1 above the range.The stock opened flat, briefly fell 9% to $30.85, then recovered to close at $36.00.</li>
<li>The deal was heavily concentrated among top-tier long-only investors, with the top 25 accounts taking roughly 90% of the offering.</li>
<li>The company’s mission to electrify regional air transport has drawn comparisons to early Tesla — bold, capital-intensive, and visionary — but also highly execution-dependent.</li>
</ul>


Beta Technologies (BETA US) priced 29.9 million shares at $34.00 — $1 above the range.The stock opened flat, briefly fell 9% to $30.85, then recovered to close at $36.00.
The deal was heavily concentrated among top-tier long-only investors, with the top 25 accounts taking roughly 90% of the offering.
The company’s mission to electrify regional air transport has drawn comparisons to early Tesla — bold, capital-intensive, and visionary — but also highly execution-dependent.


Beta Technologies, Inc. (BETA): Rocky Take-Off but Stabilizes Amidst Turbulent Market

<ul>
<li>Each aircraft is projected to produce roughly $13 million in lifetime revenue at a 50% margin, driven largely by recurring battery replacement and service contracts.</li>
<li>There are $300 million in anchor orders and a 5% directed share program. The deal is reportedly more than 10-times oversubscribed, according to our sources.</li>
<li>The potential for Beta Technologies as a company is immense in a market with few operators. The critical story surrounding the recurring battery-driven economics makes this IPO highly-intriguing.</li>
</ul>


Each aircraft is projected to produce roughly $13 million in lifetime revenue at a 50% margin, driven largely by recurring battery replacement and service contracts.
There are $300 million in anchor orders and a 5% directed share program. The deal is reportedly more than 10-times oversubscribed, according to our sources.
The potential for Beta Technologies as a company is immense in a market with few operators. The critical story surrounding the recurring battery-driven economics makes this IPO highly-intriguing.


BETA Technologies (BETA): Electric Aircraft Maker Revenue Tail Intrigues IPO Investors

<ul>
<li>BETA Technologies (BETA US) is to offer 25.0 million shares at $27-$33 equating to a valuation of $5.9b-$7.2b and can go public as soon as November 4th.</li>
<li>There are a number of anchor order commitments on the cover of the prospectus in addition to a 5% directed share program.</li>
<li>While the company has significant losses, they should be seen in light of its strong potential in low-cost air travel.</li>
</ul>


BETA Technologies (BETA US) is to offer 25.0 million shares at $27-$33 equating to a valuation of $5.9b-$7.2b and can go public as soon as November 4th.
There are a number of anchor order commitments on the cover of the prospectus in addition to a 5% directed share program.
While the company has significant losses, they should be seen in light of its strong potential in low-cost air travel.


BETA Technologies (BETA): Electric Aircraft Maker Sets Wide Range, Seeking up to $7.2b Valuation

<ul>
<li>They had total revenues of $15.4 million and $15.1 million and net loss of $306.3 million and $201.9 million in 2023 and 2024, respectively.</li>
<li>They believe their aircraft represents a significant cost efficiency advantage, as total operating costs are 42% lower compared to new traditional conventional aircraft.</li>
<li>The current government shutdown could delay the debut of this IPO due to the SEC unable to deem IPOs "effective" in a timely manner.</li>
</ul>


They had total revenues of $15.4 million and $15.1 million and net loss of $306.3 million and $201.9 million in 2023 and 2024, respectively.
They believe their aircraft represents a significant cost efficiency advantage, as total operating costs are 42% lower compared to new traditional conventional aircraft.
The current government shutdown could delay the debut of this IPO due to the SEC unable to deem IPOs "effective" in a timely manner.


BETA Technologies (BETA): Peeking at the IPO Prospectus of an Electric Aircraft Maker

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BETA Technologies (BETA US)