Perth-based aerospace and defence manufacturer Innovaero Technologies Limited has commenced trading on the Australian Securities Exchange under the ticker ASX: INN following an initial public offering that raised A$40 million. The company issued 80 million shares at $0.50 each, giving it an indicative market capitalisation of approximately $158.3 million. The listing positions the 20-year-old business to expand sovereign defence manufacturing and advance its loitering munition platform.
IPO Details and Market Context
The offer was oversubscribed and managed by Euroz Hartleys and Canaccord Genuity as joint lead managers, reflecting strong investor demand for defence exposure. Retail investors received scaled allocations, with priority applicants granted the first $2,000 applied for and a one-for-ten scaleback thereafter. Proceeds will support completion of the OWL development and certification, expansion of Australian manufacturing capacity, and selected international growth opportunities.
Sovereign Defence Track Record and OWL Platform
Innovaero has a 20 year record in aerospace and defence design, certification, manufacture, flight testing and support. Over the past five years, it has won 13 Australian Defence Force contracts worth $47.4 million including GST. Its lead uncrewed system, the OWL-B medium-range precision strike loitering munition, is in the final stages of development and certification under the ADF's Advanced Strategic Capabilities Accelerator Mission Talon-Strike and targets entry into service in 2027.
Mission Talon-Strike Progress
Mission Talon-Strike is an 18 month contract awarded in September 2025 and later varied to $24.2 million, excluding GST, with the program running to April 2027. Innovaero has met all deliverables required to date and conducted successful flight testing at the Woomera Test Range in South Australia. The company plans to deliver 29 OWL-B units by the end of November 2026, having already tested 139 units across more than 200 test flights.
Manufacturing Expansion and International Opportunities
Beyond certification, Innovaero intends to develop a larger sovereign manufacturing and training facility in Jandakot, Western Australia. The site is designed to lift production capacity to approximately 2,500 units per year on a one shift basis to meet potential future demand. The company also plans to begin constructing a new research, development and prototyping facility in late 2026 while pursuing export opportunities in the United Kingdom, the United States and other allied nations.
International Engagement
Management recently visited a foreign government outside the AUKUS and Five Eyes target markets at that government's request and with approval from Australian Defence. The discussions remain at an early stage and no contractual arrangement is certain. Any sale of Innovaero products overseas will require prior clearance through multiple levels of the Australian government.
Leadership Comments
Chief Executive Officer Greg Tunny described the listing as an important milestone that provides capital and a platform for the next phase of growth. He said the immediate priorities are completing OWL-B certification, positioning the company for ADF production, building sovereign manufacturing capacity and progressing selected export opportunities. Non-Executive Chair Vince Di Pietro said the listing reflects two decades of disciplined work and comes as Australia and its allies place increasing importance on sovereign defence.
The company has forecast consolidated revenue of $14.4 million for the six months ending 31 December 2026, including $12.4 million of contracted revenue and $2 million of uncontracted revenue estimated from known opportunities. Innovaero enters the public market as an established revenue-generating aerospace and defence business with an engineering and certification base. The IPO gives it new capital to move from development to production, although international sales remain subject to regulatory approvals and market conditions.