Thomsons has advised Australian aerospace and defence technologies company Innovaero Technologies Limited on its initial public offering and listing on the ASX, raising A$40 million for a market capitalisation of A$158 million.

Based in Western Australia, Innovaero operates across two complementary aerospace businesses: its advanced uncrewed systems and aerospace technology business, focused on uncrewed aerial systems, loitering munitions and one-way effectors led by the OWL family; and its crewed aircraft product development, engineering, certification, composite manufacturing and maintenance, repair and overhaul business.

Thomsons advised on all aspects of the IPO, including liaising with regulators, advising on legal and regulatory requirements, undertaking due diligence for the IPO process, and drafting the required compliance and disclosure documents.

The listing is significant not only for Innovaero, but also for the broader Australian market. Innovaero joins a small group of Australian aerospace and defence original equipment manufacturers listed on ASX. Its listing directly aligns public equity investment with Australia’s domestic defence manufacturing priorities and supports the company’s next phase of growth, including development of its OWL family of systems and expansion of sovereign manufacturing capability.

The A$40 million raising will support construction of Innovaero’s Jandakot headquarters, research and development and manufacturing base, and scalable production facility, advancing sovereign defence industrial priorities across autonomous systems, domestic munitions manufacturing, and aircraft maintenance, repair and overhaul.

The Thomsons team was led by Partner Marc Wilshaw who said: “Innovaero’s IPO is a standout transaction in the current Australian market because it brings together growth capital, advanced manufacturing and sovereign capability in a way that is highly relevant to both investors and government. We were pleased to support Innovaero through a complex listing process and help position the business for its next stage of growth as a listed company.”

The team included: Special Counsel Jonathan Foo and Associate Josephine Singgih (Corporate), Partner Katrina Chambers (Intellectual Property), Partner Bridget Nunn (Employment), and Partner Mark Borrello and Associate Mason Nicolaou (Property).

IPO market background

The transaction comes at a time when the Australian IPO market is showing signs of renewed activity, although conditions remain selective given global macroeconomic uncertainty. ASX commentary for 2025 and 2026 points to improving capital markets conditions and a pipeline supported by companies with clear growth narratives, sector tailwinds and credible paths to scale. ASX has described the IPO pipeline entering FY27 as the strongest in four years, with larger and more diverse transactions coming to market and investors continuing to focus on quality issuers and appropriate valuations.

Against that backdrop, Innovaero’s listing stands out because it sits at the intersection of several themes currently attracting market attention: sovereign capability, defence and advanced technology, domestic manufacturing, and long-term government-supported industrial investment.