WELLINGTON, New Zealand—At US$200,000, a Martin Jetpack will likely be too expensive for the average consumer. But its New Zealand manufacturer says investors will have the chance to profit from the next generation of air travel through an initial public offering.

Martin Aircraft Co. Ltd. is looking to raise up to 25 million Australian dollars (US$22 million) through a December listing on Australia’s securities exchange. The money will be used to fund further development of its jetpacks—described as “motorcycles in the sky”...