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EV Transportation Services (EVTS), which has developed a lightweight utility EV for urban use, has filed for a proposed $20M initial public offering.

The EV developer didn’t disclose specific terms in its filing, but indicated in an attached filing fee schedule that it was looking to raise around $20M. Maxim Group is serving as lead bookrunner.

The company hopes to list its shares on Nasdaq under the symbol EVTS.

Based in Brookline, Mass., EV Transportation has developed a utility EV for use in urban parcel delivery and essential services such as security patrolling, property management, parking management, and utility meter reading.

An early stage manufacturer, EV Transportation reported a 2021 net loss of $4.8M with no significant revenue.

For more IPO news, check out SA’s IPO News page.


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