Innovaero Technologies Limited is seeking to raise A$40 million through an initial public offering (IPO) as the Australian aerospace and defence manufacturer prepares to list on the Australian Securities Exchange under the ticker ASX.
The Perth-based company has lodged its prospectus with the Australian Securities and Investments Commission (ASIC) and plans to issue 80 million new shares at A$0.50 each.
The offer implies an indicative pro forma market capitalisation of about A$158 million on completion.
Subject to ASX approval, Innovaero expects its shares to begin trading on or about September 18, 2026.
Canaccord Genuity (TSX:CF, LSE:CF) (Australia) Limited and Euroz Hartleys Limited are acting as joint lead managers to the offer.
IPO to fund manufacturing and product expansion
Funds raised through the IPO will primarily support the expansion of Innovaero’s aerospace design and manufacturing capacity and further development of its One-Way Loitering (OWL) family of uncrewed aerial systems.
Capital will be directed towards product and platform development, manufacturing facilities and production infrastructure, sales and market development and other strategic growth initiatives.
Chair Vince Di Pietro said the company was seeking to become a supplier of choice for civil and defence customers across crewed and uncrewed aerospace systems.
Following its proposed ASX admission, Innovaero intends to advance the OWL family, with a particular focus on progressing the OWL-B system through remaining Department of Defence qualification and certification requirements.
The objective is to position OWL-B for potential production contracts with Defence.
“The Company operates an aerospace product development and commercialisation business with an emphasis on uncrewed aerial systems (UAS), including loitering munitions and one-way effectors, as well as enabling subsystems, mission systems and manufacturing processes aligned to Australian sovereign defence priorities,” Di Pietro said in the prospectus.
OWL systems underpin defence strategy
Innovaero’s current development program centres on autonomous aerial systems and precision effectors for Australian and allied defence requirements.
Its OWL family includes electric loitering munitions and turbojet-powered one-way effectors, supported by the company’s broader aerospace engineering, manufacturing, certification and aviation systems capabilities.
The company is also delivering the Australian Defence Force’s Mission Talon Strike program through the Advanced Strategic Capabilities Accelerator (ASCA).
Innovaero has been awarded 13 ADF contracts worth a combined A$47.4 million over the past five years, including the current A$24.2 million Mission Talon Strike certification program.
Next steps
Innovaero will progress the IPO and ASX admission process ahead of its targeted listing.
Following admission, the company plans to expand manufacturing capacity and continue development, qualification and certification of the OWL product family, including work aimed at positioning OWL-B for future Department of Defence production contracts.
About Innovaero Technologies
Innovaero is a Perth-based Australian aerospace and defence original equipment manufacturer with more than 20 years of experience designing, certifying, manufacturing and supporting aeronautical systems.
Its capabilities extend from engineering and prototyping through to production, certification and in-service support.
Alongside its defence-focused autonomous aerial systems, the company provides specialist aerospace engineering, aerial imaging and aviation systems to Australian and international customers.
The board is chaired by Vince Di Pietro, formerly chief executive of Lockheed Martin Australia and New Zealand and a former Royal Australian Navy Commander Fleet Air Arm.
Chief executive Greg Tunny joined Innovaero in 2020 and previously served as chief executive of the Australian Submarine Corporation, while executive director Mike von Bertouch founded Innovaero and was also a founder and director of ASX-listed Spookfish.