The company has received final observations from SEBI for its proposed IPO.
In April, Garuda had filed a confidential Draft Red Hearing Prospectus (DRHP) for its proposed IPO. The IPO comprises of a fresh issue of up to Rs 750 crore and also offer from sale. As per reports the offer for sale component could be Rs 250 crore.
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Garuda founded by Agnishwar Jayaprakash operates an integrated business model comprising drone manufacturing, Drone-as-a-Service (“DaaS”), and remote pilot training.
The company has manufactured and deployed over 5000 drones globally. The Chennai-based company holds about 30 per cent market share in India’s agriculture drone segment and is expanding its footprint across defence, industrial inspection and international drone services markets.
