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Pegasus, an Arizona-based manufacturer of two-seater kit helicopters, has floated on PLUS with a market capitalisation of £23 million at 11.5p per share. The helicopters will cost between £60,000 and £75,000 and the company already has an order for 25 units.

The company is planning to raise an extra £2 million following its flotation on London's tertiary market.

CEO Robert Zummo says that Pegasus’ technology is set to transform the market for consumer helicopters: ‘For the first time, helicopters have been brought within the price range of the general consumer market.'

The helicopters have a distinctive design, with a short tail and no tail rotor. They use air pressure-jet technology which, according to the company, makes them safer to fly than conventional models.

Average production rates for kit helicopters are 150 to 200 units per year, with 50 per cent of the market in the US. Pegasus believes that demand far exceeds availability, and that its designs will open up niche markets in the consumer, commercial and military sectors.