Chennai-based drone technology firm Garuda Aerospace has received final regulatory approval from SEBI for its ₹750 crore initial public offering, signalling a significant step forward in India’s burgeoning tech listing scene.
Chennai-based Garuda Aerospace has cleared a key regulatory hurdle on the road to the stock market after receiving the Securities and Exchange Board of India’s final observation for its proposed initial public offering, according to Inc42 and several other Indian business publications. The move gives the drone technology company permission to proceed with its public issue, marking another sign of momentum in India’s fast-growing crop of new-age technology listings.
Garuda Aerospace had confidentially filed its draft red herring prospectus in April, setting out plans for a fresh issue of shares worth up to ₹750 crore and an additional offer-for-sale component, the reports said. The confidential filing route lets companies keep details such as valuation, financial performance and the final deal structure private until they decide to move ahead with the offer. In March, the company’s board also approved a stock split that reduced the face value of its equity shares from ₹10 to ₹2, according to the reports.
SEBI, India’s market regulator, plays the central role in approving public offerings and checking that companies meet disclosure and compliance requirements before they list. Garuda Aerospace’s approval therefore puts it one step closer to joining the public markets, at a time when investor interest in emerging tech businesses remains strong. The listing pipeline for such companies has been building in India, and Garuda Aerospace’s move adds to that trend.
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