Garuda Aerospace has filed its confidential DRHP with SEBI, moving toward an IPO by late 2026
The board approved an IPO structure featuring a fresh issue of up to ₹750 crore and an offer-for-sale (OFS)
A 1:5 stock split was approved, reducing the share face value from ₹10 to ₹2 to enhance liquidity
Garuda Aerospace Moves Closer to IPO: Pre-files DRHP, Announces Stock Split
Chennai-based drone manufacturer Garuda Aerospace officially pre-filed its Draft Red Herring Prospectus with Sebi, marking a definitive step toward its much-anticipated IPO
Fund raised by Garuda Aerospace to be allocated to R&D and testing centre dedicated to advanced defence drone design yourstory.com
Summary
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Dronetech start-up Garuda Aerospace has pre-filed its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India, moving a step closer to an initial public offering, according to Inc42.
As part of its pre-IPO restructuring, Garuda Aerospace has also approved a stock split, reducing the face value of its equity shares from ₹10 to ₹2 each.
In its board proposal, the company said it will proceed with the necessary filings of the pre-filed DRHP and subsequent updated versions with SEBI, stock exchanges, and the Registrar of Companies before listing its shares.
The company’s board has approved an IPO structure that may include a fresh issue of up to ₹750 crore, along with an undisclosed offer-for-sale component. The final size of the public issue is yet to be determined.
The company first signalled its public market ambitions in 2023, when founder and CEO Agnishwar Jayaprakash told Inc42 that it planned to go public within two years. Founded in 2015 by Jayaprakash and Rithika Mohann, the startup has grown into one of India’s prominent drone companies, offering hardware and services across defence, agriculture, surveillance, and logistics.
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The IPO move caps a fundraising and expansion journey that has been underway for several years.
Company Financials
Financially, the company reportedly said it is in a strong position ahead of the listing. In the first six months of FY26, Garuda Aerospace reported a net profit of ₹11 crore on operating revenue of ₹41.2 crore.
In FY25, its operating revenue increased 12% year-on-year to ₹123.5 crore, while net profit rose 41% to ₹18.4 crore.
Garuda Aerospace reportedly claims to have trained over one lakh drone pilots, serves more than 100 government agencies and over 500 private enterprises, and holds DGCA approvals for type certification. It also operates a remote pilot training organisation for small- and medium-class drones.
The company manufactures more than 30 types of drones, offers over 50 services across sectors such as precision agriculture, industrial inspection, mapping, and defence, and operates a fleet of more than 400 drones with an annual manufacturing capacity of up to 15,000 units.
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To date, the startup has raised $37.1 million and last secured $11 million in a Series B round led by Venture Catalysts at a post-money valuation of $250 million.