Beta Technologies, an electric aircraft company, closed up nearly 6% at $36 a share in its New York Stock Exchange debut on Tuesday.

On Monday, the company priced shares in its IPO at $34 each , above its expected range of $27 to $33 . Beta said it sold 29.9 million shares, raising over $1 billion in a deal valuing the company at about $7.4 billion.

Beta's IPO marks a major test for the small but competitive electric vertical takeoff and landing (eVTOL) industry that's been vying for approval from the Federal Aviation Administration. The nascent market is currently led by the likes of Joby Aviation and Archer Aviation , and proponents say the technology can ease air traffic congestion.

In Beta's IPO prospectus , the company names Archer as one of its customers

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