Perth-based aerospace and defence original equipment manufacturer Innovaero Technologies Limited (ASX:INN) will commence trading on the Australian Securities Exchange (ASX) today following completion of its successful $40 million Initial Public Offering (IPO).
Key Points
- IPO raised $40 million (before costs) through the issue of 80,000,000 shares at an issue price of $0.50 per share, giving Innovaero an indicative market capitalisation of approximately $158.3 million on listing. The IPO was oversubscribed and subject to scale back
- Innovaero has a 20-year track record in aerospace and defence design, certification, manufacture, flight testing and support, and has been awarded 13 Australian Defence Force (‘ADF’) contracts over the past five years with a total value of $47.4 million (inclusive of GST).
- IPO proceeds will support completion of OWL development and certification, expansion of sovereign manufacturing capacity in Australia and selected international growth opportunities.
