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Garuda Aerospace has pre-filed its Draft Red Herring Prospectus with SEBI, marking a major step toward its planned stock market debut. The Chennai-based Dronetech startup is preparing an IPO that could include a fresh issue of up to Rs. 750 crore along with an undisclosed offer for sale component.
The exact IPO size is yet to be finalised. However, the company’s board approved the IPO proposal during an extraordinary general meeting held on March 19. As part of its pre-IPO restructuring, Garuda Aerospace also approved a stock split, reducing the face value of its equity shares from Rs. 10 to Rs. 2 each.
The company will now move through the standard IPO process by filing updated versions of its Draft Red Herring Prospectus with SEBI, stock exchanges, and the Registrar of Companies before the final listing.
Garuda Aerospace has achieved consistent financial advancement. The company reported a net profit of Rs. 11 crore after generating operating revenue of Rs. 41.2 crore during the first six months of FY26. The company's revenue increased by 12% from the previous year to reach Rs. 123.5 crore during FY25, while its net profit grew by 41% to Rs. 18.4 crore.
The startup has raised $37.1 million so far, including an $11 million Series B round led by Venture Catalysts.
Founded in 2015 by Agnishwar Jayaprakash and Rithika Mohann, Garuda Aerospace manufactures more than 30 drone types and offers over 50 services. Its Drone-as-a-Service Solutions cover agriculture, defence, logistics, surveillance, mapping, and industrial inspection.
The company operates a fleet of 400 drones, which it uses to produce 15000 units each year. The organization claims to have trained over 100000 drone pilots while providing services to more than 100 government agencies and 500 private companies.
The IPO of Garuda Aerospace will serve as a crucial turning point for the drone technology industry in India, while it will help the company expand its operations in the future.
