Airo Group Holdings Inc., a US aerospace and defense technology firm, is seeking to raise as much as $80 million in its initial public offering, as the company looks to test investor appetite despite rampant volatility.

The Albuquerque, New Mexico-based urban air mobility and drone company is offering five million shares for $14 to $16 each, according to a filing on Thursday with the US Securities and Exchange Commission. At the top of the range, the company would be valued at $398 million, based on the shares listed in its filing.