Garuda Aerospace Files Confidential Papers for INR 1,000 Cr IPO
Garuda Aerospace is expected to submit an updated draft red herring prospectus (DRHP) with more information later in the process.
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Garuda Aerospace, a drone technology startup, has filed confidential draft papers with the Securities and Exchange Board of India (SEBI) to raise funds through an initial public offering (IPO), according to Entrackr media reports.
The move comes about four months after the company converted into a public entity as part of its listing plans.
Reports suggest the Chennai-based firm is aiming to raise around INR 1,000 crore through the IPO. The issue is expected to include a fresh equity component of INR 750 crore along with an offer for sale (OFS) worth INR 250 crore by existing shareholders.
The confidential pre-filing route allows companies to withhold key details such as financial performance, valuation, and final issue structure at this stage. Garuda Aerospace is expected to submit an updated draft red herring prospectus (DRHP) with more information later in the process.
The company has reportedly appointed SBI Capital, Axis Capital, ICICI Securities, and IIFL as bankers to manage the offering.
Founded in 2015, Garuda Aerospace operates as a drone-as-a-service provider, offering unmanned aerial vehicles (UAVs) for sectors including agriculture, logistics, and disaster response. It runs a fleet of around 400 drones supported by 500 pilots across 84 cities, and offers multiple drone models and related services.
The startup has raised about USD 44 million so far from investors, including MS Dhoni. For FY25, it reported a profit of INR 17.5 crore, while revenue rose to INR 118 crore.
Garuda Aerospace, a drone technology startup, has filed confidential draft papers with the Securities and Exchange Board of India (SEBI) to raise funds through an initial public offering (IPO), according to Entrackr media reports.
The move comes about four months after the company converted into a public entity as part of its listing plans.
Reports suggest the Chennai-based firm is aiming to raise around INR 1,000 crore through the IPO. The issue is expected to include a fresh equity component of INR 750 crore along with an offer for sale (OFS) worth INR 250 crore by existing shareholders.
The confidential pre-filing route allows companies to withhold key details such as financial performance, valuation, and final issue structure at this stage. Garuda Aerospace is expected to submit an updated draft red herring prospectus (DRHP) with more information later in the process.
The company has reportedly appointed SBI Capital, Axis Capital, ICICI Securities, and IIFL as bankers to manage the offering.
Founded in 2015, Garuda Aerospace operates as a drone-as-a-service provider, offering unmanned aerial vehicles (UAVs) for sectors including agriculture, logistics, and disaster response. It runs a fleet of around 400 drones supported by 500 pilots across 84 cities, and offers multiple drone models and related services.
The startup has raised about USD 44 million so far from investors, including MS Dhoni. For FY25, it reported a profit of INR 17.5 crore, while revenue rose to INR 118 crore.
