Innovaero Reveals $7.5m State Grant in $40m IPO Prospectus

Innovaero to list with $7.5m from WA Government

The company’s prospectus reveals it has been awarded a $7.5m grant through WA’s Investment Attraction Fund to fund the design, construction and fit-out of its proposed new factory and headquarters in Jandakot.

Innovaero reveals $7.5m state grant in $40m IPO prospectus

Perth drone manufacturer Innovaero is accelerating plans for its IPO, with its prospectus revealing the state government has given the firm millions to build its new headquarters.

Defence drone manufacturer Innovaero prepares for IPO

The company is seeking to raise $40 million through the issue of 80,000,000 new shares at an offer price of $0.50 per share, implying an indicative pro forma market capitalisation of approximately $158 million on completion of the offer.