Three Key Indian Firms Bag SEBI Nod; Garuda Aerospace Set to Raise Rs 1,000 Crore Through Drone-Tech IPO
Garuda Aerospace, Naini Papers, and Adroit Industries India have secured crucial regulatory approval from the Securities and Exchange Board of India (SEBI) to proceed with their Initial Public Offerings (IPOs). This development marks a significant step for these companies as they gear up to raise capital in the public markets.The companies had filed their confidential draft papers with the regulator over time. Garuda Aerospace and Naini Papers submitted their respective drafts in April 2026. Adroit Industries India approached SEBI by filing its draft IPO paperwork in March 2026.
SEBI subsequently issued its observations on the draft documents of these firms. For Chennai-based drone startup Garuda Aerospace, SEBI's observations were provided on August 5. The regulator also released observations for the draft red herring prospectuses (DRHPs) of Naini Papers and Adroit Industries India on August 7.
Garuda Aerospace Eyes Major Capital Infusion Through Drone IPO
The Chennai-based drone technology company, Garuda Aerospace, is reportedly seeking to raise approximately Rs 1,000 crore through its upcoming IPO. This fundraising plan includes a fresh issue of shares valued at Rs 750 crore and an Offer-For-Sale (OFS) component amounting to Rs 250 crore.Garuda Aerospace specializes in Drone-as-a-Service (DaaS) solutions. These solutions span across various sectors, including precision agriculture, enterprise operations, industrial applications, and consumer uses. The company's technology enables data-driven decision-making and enhances operational efficiency for its clients.
Several major financial institutions are anticipated to act as merchant bankers for the Garuda Aerospace IPO. SBI Capital Markets, Axis Capital, ICICI Securities, and IIFL Capital Services have been identified as likely participants in this process.
Adroit Industries Plans Manufacturing Expansion via Public Listing
Adroit Industries, a Madhya Pradesh-based firm, is planning an IPO involving 1.12 crore equity shares. The offering includes a fresh issue of 98.97 lakh shares and an Offer-For-Sale (OFS) component comprising 13.5 lakh shares from a promoter. Choice Capital Advisors has been appointed as the sole book-running lead manager for this planned IPO.The company manufactures essential components, specifically propeller shafts and related torque-transmission parts, catering to both automotive and non-automotive industries. The proceeds generated from the fresh issue are designated to enhance operations at its facilities in Dewas and Pithampur.
Funds will also be utilized to procure new machinery and equipment, as well as transportation vehicles necessary for moving goods between manufacturing units. A portion of the raised capital is earmarked for repaying debt held by its subsidiary, Adroit Driveshafts, with the remainder allocated toward general corporate purposes.
Market Readiness and IPO Timeline
The issuance of observations on these draft documents provides a clear path forward for all three companies. This regulatory approval means that Garuda Aerospace, Naini Papers, and Adroit Industries can now proceed with filing their Red Herring Prospectuses (RHPs) with the Registrar of Companies. These steps enable them to launch their respective IPOs within a one-year timeframe.Adroit Industries serves a robust client base across various sectors. In the last fiscal year alone, clients served by Adroit Industries included Godrej & Boyce Manufacturing Company, BEML, VE Commercial Vehicles, Sandvik Mining and Rock Technology India, Oilgear India, Conmat Heavy Industries, Phooltas Transrail, Hailstone Innovations, ARX Mining and Construction, and Venus Techno Equipment.
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