Drone company Innovaero joins ASX, eyes new Australian defence contracts
The stock traded as high as 53¢ before falling back to their issue price of 49¢ in the first hour to value the group at $155 million.
WA attack-drone company Innovaero has recorded a subdued share market listing as it targets commercial production next year and new contracts with the Australian Defence Force.
The company’s shares traded as high as 53¢ soon after they joined the ASX on Tuesday before falling under their issue price of 50¢ to 49¢ as at midday, valuing the group at $155 million.
Innovaero raised $40m from new investors in its initial public offer, with some of the proceeds earmarked for new research and expanded production facilities in Jandakot.
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By continuing you agree to our Terms and Privacy Policy.The float — a fillip for a subdued local IPO market — is WA’s biggest non-mining issue since Bhagwan Marine’s $80m raising in 2024.
Innovaero is on a sharp growth trajectory, targeting a surge in revenue from $17m in the 2026 financial year to more than $150m within three years. It expects just over $14m for the December half year.
The company has listed with a strong tailwind as global militaries add drones to inventories, with Ukraine’s use of drones against Russia redefining warfare and defence budgets swelling to meet geopolitical uncertainty.
It has won 13 contracts worth $47.4m from the Australian Defence Force in the past five years, mainly covering development of its flagship OWL, one-way armed drones, which were developed in collaboration with the ADF and are designed to fly to a targeted area carrying munitions, loiter until a target is located and conduct a strike.
The immediate aim is to get the OWLs certified, into production and then into service from next year.
“Innovaero is what made-in-Australia looks like,” chair Vince Di Pietro, a Royal Australian Navy veteran, said on Tuesday.
“We are about offering a product in a responsive frame that allows our primary customer, the Australian Government and Defence Force, to be confident that we can meet whatever challenge they want,” he said.
“It’s steady as she goes, with a little bit of urgency to meet our future aspirations.”
Founded by Mike von Bertouch 20 years ago, Innovaero developed the airborne camera technologies used by former ASX listings Spookfish and Nearmap before refocusing on defence after Russia’s invasion of Ukraine in 2022.
The proposed new Jandakot factory will use robotic technologies to boost annual capacity to 2500 drones. Innovaero can make only 250 drones a year by hand in batches from its current plant in Bibra Lake.
