Innovaero is scheduled to list on the Australian Securities Exchange (ASX) on September 22 after completing a fully subscribed initial public offering (IPO) that raised A$40 million before costs to accelerate its sovereign defence and aerospace manufacturing ambitions.
The Perth-based aerospace and defence original equipment manufacturer issued 80 million shares at A$0.50 each, giving the company an indicative market capitalisation of A$158.3 million on listing.
Innovaero will trade under the ASX ticker INN, with the IPO jointly managed by Canaccord and Euroz Hartleys.
Funding expansion and sovereign manufacturing
Proceeds from the IPO will support the establishment of a new headquarters, research and development and manufacturing facility at Jandakot in Western Australia.
The funding will also be used to advance Innovaero’s OWL family of one-way loitering munitions systems and support the company’s broader expansion.
Innovaero CEO Greg Tunny said the IPO positioned the company to build sovereign drone production capability in Australia.
“Innovaero is an established business with a 20-year history of aeronautical development, and we are now poised for an exciting period in our development.
“The OWL-B is currently being evaluated for certification with the Australian Defence Force as part of Mission Talon Strike, targeting entry into service in 2027, and listing on the ASX gives us the capital and platform to continue growing.
“The use of autonomous drones is reshaping military strategy across the globe, and Innovaero is at the forefront of bringing that capability to Australia, and to potential new customers across the world.”
OWL-B targets 2027 entry into service
A key focus for Innovaero is its OWL precision loitering munitions platform, designed to address growing defence demand for affordable precision mass, resilience and rapidly deployable capability.
The OWL-B is being evaluated for certification with the Australian Defence Force under Mission Talon Strike, with the company targeting entry into service in 2027.
The IPO provides Innovaero with additional capital to progress the platform while expanding its domestic manufacturing and development capacity.
About Innovaero
Innovaero is a 100% Australian-owned aerospace and defence company focused on the development and manufacture of precision systems, including its OWL family of loitering munitions.
The company has around 20 years of aeronautical development experience and provides end-to-end sovereign industrial capability spanning product design, certification, manufacturing, systems integration and support services.
Innovaero also develops CASA-certified products, with a focus on the integration of aerial imaging and survey systems.