Chennai-based startup Garuda Aerospace has taken a significant step towards potential expansion by pre-filing its draft red herring prospectus (DRHP) with the SEBI for an IPO. The company’s board has approved an IPO with a fresh issue of up to ₹750 Cr, signaling its growth plans and further investment in the dronetech sector.
The IPO, which includes an offer for sale (OFS) component, marks a strategic move for Garuda Aerospace, known for manufacturing drones for various sectors like defence, agriculture, surveillance, and logistics. The company also provides drone-as-a-service (DaaS) solutions, catering to a range of industries.
Garuda Aerospace’s decision to undergo a stock split as part of its pre-IPO restructuring, reducing the face value of its equity shares, showcases its commitment to financial transparency and market accessibility. With a track record of solid financial performance, including notable net profit and revenue growth in recent years, Garuda Aerospace positions itself as a key player in the evolving dronetech landscape.
This move not only highlights Garuda Aerospace’s ambitions for growth and market presence but also underscores the increasing opportunities and investments in the dronetech sector, reflecting the industry’s potential for innovation and technological advancement.
Source: Inc42 Media