Chennai-based drone tech startup moves closer to a public listing with a fresh issue and an OFS component, alongside pre-IPO restructuring.
Garuda Aerospace has pre-filed its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India, marking a significant step toward its planned initial public offering (IPO).
While the total issue size remains undisclosed, the company’s board approved a fresh issue of up to ₹750 crore, along with an offer for sale (OFS) component during an extraordinary general meeting held on March 19.
As part of the IPO process, the company will follow a multi-stage filing route, including updated DRHP submissions before finalising the red herring prospectus with the Registrar of Companies and stock exchanges.
In preparation for the listing, the board has also approved a stock split, reducing the face value of its equity shares from ₹10 to ₹2 each.
The company had first indicated its intent to go public in 2023. Founder and CEO Agnishwar Jayaprakash had earlier stated plans to list within two years.
On the financial front, Garuda Aerospace reported a net profit of ₹11 crore on an operating revenue of ₹41.2 crore in the first half of FY26. In FY25, the company recorded a 12% year-on-year rise in operating revenue to ₹123.5 crore, while net profit surged 41% to ₹18.4 crore.
Founded in 2015 by Jayaprakash and Rithika Mohann, the company manufactures drones for applications across defence, agriculture, surveillance, and logistics, and also provides drone-as-a-service (DaaS) offerings. Garuda Aerospace claims to have trained over 1 lakh drone pilots and serves more than 100 government agencies and over 500 private enterprises. It has secured approvals from the Directorate General of Civil Aviation (DGCA) for type certification and operates a remote pilot training organisation (RPTO) for small and medium-class drones.
