New Delhi, Oct. 7 -- Gurugram-based AITMC Ventures, which operates under the AVPL International brand, has filed an updated draft red herring prospectus (UDRHP) for an initial public offering comprising a fresh issue of up to 3.5 crore equity shares. There is no offer-for-sale component, meaning the IPO proceeds will go to the company rather than existing shareholders selling their stakes.

The final size of the issue will depend on the price determined later. Market estimates currently put the potential fundraise at around Rs.155 crore to Rs.200 crore, although the price band, bidding dates and final offer size have not yet been announced.

AITMC is positioning itself deeper into drone manufacturing, research and drone-based services. Ye...