Garuda Aerospace files confidential IPO papers with SEBI, targets Rs 1,000 crore issue

Drone technology startup Garuda Aerospace has filed confidential draft papers with the Securities and Exchange Board of India (SEBI) as it prepares for an initial public offering (IPO), according to media reports.

As per the reports, the Chennai-based firm is targeting an IPO of about Rs 1,000 crore, including a fresh issue of up to Rs 750 crore, while the size of the offer-for-sale component has not been formally disclosed by the company. 

“With respect to the Offer, the Company will be required to file a pre-filed draft red herring prospectus with the SEBI and the Stock Exchanges, and subsequently file the updated draft red herring prospectus-I, the updated draft red herring prospectus-II, the red herring prospectus, with the RoC and thereafter with SEBI, and the stock exchanges where the Equity Shares are proposed to be listed,” the company’s board said in a statement.

As part of its pre-IPO restructuring, the board has also approved a stock split, reducing the face value of shares from Rs 10 to Rs 2 each.

Founded in 2015 by Agnishwar Jayaprakash, Garuda Aerospace develops and manufactures drones for sectors such as defence, agriculture, logistics and surveillance, and also offers drone-as-a-service solutions.

Garuda Aerospace said it operates across multiple cities and has trained thousands of certified drone pilots through its DGCA-approved remote pilot training organisation. The company is reported to manufacture more than 30 drone models and offer a broad range of drone services across agriculture, industrial inspection and disaster-response use cases.