Canadian drone company Draganfly files for a $25 million US IPO

Draganfly, a Canadian provider of drones and related hardware, services, and solutions, filed on Wednesday with the SEC to raise up to $25 million.

The Saskatoon, Canada-based company plans to raise $25 million by offering 4.5 million shares at $5.60, the as-converted July 20th closing price of its shares on the CSE (DFLY, to be changed to DPRO). The company's shares are also listed on the Frankfurt Stock Exchange (3UB) and the OTCQB (DFLYF). At the proposed price, Draganfly would command a fully diluted market value of $198 million.

Draganfly is a product development, services, and solutions company serving the unmanned aerial vehicle or drone market. The company sells to various market verticals, providing sustainable, custom, and "off-the-shelf" ‎hardware, services, and solutions to companies and government agencies. Its suite of products and services include quad-copters, ‎fixed wing ‎aircrafts, ground based robots, hand held controllers, flight training, and software used for tracking, live ‎streaming, ‎and data collection.

Draganfly was founded in 2018 and booked $4 million in revenue for the 12 months ended March 31, 2021. It plans to list on the Nasdaq under the symbol DPRO. ThinkEquity is the sole bookrunner on the deal.

The article Canadian drone company Draganfly files for a $25 million US IPO originally appeared on IPO investment manager Renaissance Capital's web site renaissancecapital.com.

Investment Disclosure: The information and opinions expressed herein were prepared by Renaissance Capital's research analysts and do not constitute an offer to buy or sell any security. Renaissance Capital's Renaissance IPO ETF (symbol: IPO), Renaissance International ETF (symbol: IPOS), or separately managed institutional accounts may have investments in securities of companies mentioned.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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