Garuda Aerospace Files for IPO: Chennai Drone Startup Targets ₹750+ Crore Public Offering

Garuda Aerospace, a Chennai-based drone technology startup, has taken a decisive step toward the public markets by pre-filing its draft red herring prospectus (DRHP) with SEBI. The move signals a major liquidity event for the company, with its board approving an initial public offering (IPO) that could include a fresh issue of up to ₹750 crore, alongside an undisclosed offer-for-sale (OFS) component. This pre-filing initiates a formal regulatory process that will see the company submit updated prospectuses and final documentation ahead of a potential listing.

The company's board, via an extraordinary general meeting on March 19, greenlit the IPO plan and also approved a pre-IPO stock split, reducing the face value of its equity shares from ₹10 to ₹2 each. This restructuring is a common tactic to enhance share liquidity and make the stock more accessible to retail investors ahead of the public listing. Garuda Aerospace had previously signaled its intent to go public, positioning this filing as the concrete next phase in its capital-raising strategy.

The proposed IPO places Garuda Aerospace among a select group of Indian deep-tech startups seeking public market validation and growth capital. A successful listing would provide significant funds to scale operations in the competitive drone sector, which spans defense, agriculture, and logistics. However, the final offer size and valuation will depend on SEBI's scrutiny and prevailing market conditions, introducing a period of heightened scrutiny and investor anticipation for the firm.