Perth-based aerospace and military drone developer Innovaero Technologies Limited (ASX:INN) has commenced trading on the Australian Securities Exchange following completion of a $40 million initial public offering.
The IPO raised $40 million before costs through the issue of 80,000,000 shares at $0.50 per share, giving Innovaero an indicative market capitalisation of about $158 million on listing. The company said the offer was oversubscribed and subject to a tiered scale back.
Innovaero said it has a 20-year history in aerospace and defence design, certification, manufacture, flight testing and support, and has been awarded 13 Australian Defence Force contracts over the past five years with a combined value of $47.4 million, inclusive of GST.
The company said IPO proceeds will be used to fund development and certification for its one-way loitering (OWL) systems, expand sovereign manufacturing capacity in Australia, and support selected international growth opportunities.
Following its listing, Innovaero said its immediate focus is advancing the OWL family into production and ADF service targeted for 2027, alongside development of a larger manufacturing and training facility at Jandakot in Western Australia. The company also flagged export opportunities in the UK, US and other allied nations while continuing its existing civil, defence and aerospace activities.
