Innovaero raises $40m in ASX debut as WA drone maker targets defence sales
WA drone maker Innovaero raised $40m in its ASX debut. It is targeting Australian Defence Force contracts and commercial production.
Innovaero joined the ASX on Tuesday. Innovaero raised $40 million from new investors to fund research.
The money will also expand production at its Jandakot facility. Shares opened at 53 cents but fell to 49 cents by midday.
This valued the company at $155 million. The drone maker has won $47.4 million in Defence Force contracts over five years.
Its OWL is a one-way armed aircraft designed to loiter and strike targets. Innovaero expects revenue of about just over $14 million for the December half-year.
It targets more than $150 million within three years. The new factory will use robotics to boost annual production capacity from 250 drones to 2,500.
- $40 million
- Capital raised
- $47.4 million
- ADF contracts
- $155 million
- Market valuation
- 2,500 drones annually
- Production target
Why it mattersThe listing shows investor confidence in Australian defence tech. Global militaries are expanding their drone arsenals. This is happening amid geopolitical uncertainty.
AustraliaAustralian Defence Force gains access to locally made attack drones, reducing reliance on overseas suppliers and keeping defence spending at home.
✓ Claims checked against the source and corrected before publish. checked 2 d ago
