India, April 2 -- Chennai-based dronetech startup Garuda Aerospace has pre-filed its draft red herring prospectus (DRHP) with the SEBI.

While the exact size of the IPO is yet to be determined, the company's board, via an extraordinary general meeting (EGM) on March 19, approved an IPO that can comprise a fresh issue of up to Rs.750 Cr along with an undisclosed offer for sale (OFS) component.

"With respect to the Offer, the Company will be required to file a pre-filed draft red herring prospectus with the SEBI and the Stock Exchanges, and subsequently file the updated draft red herring prospectus I, the updated draft red herring prospectus-II, the red herring prospectus, with the RoC and thereafter with SEBI, and the stock exchanges wher...