Airo Group Shares Surge 140% on $60M IPO Debut

Airo Group Holdings Inc., a drone manufacturer specializing in military and defense technology, made a remarkable debut on the New York Stock Exchange, with its shares surging 140% to close at $24 per share despite earlier volatility that caused trading halts. The company raised $60 million in an IPO that was upsized to 6 million shares priced at $10 each, below the initially marketed $14 to $16 range but still oversubscribed within one day. Airo's drones, equipped with advanced AI capabilities for reconnaissance and target identification, are already operational with NATO countries and have proven effective in conflicts such as Ukraine. The company plans to begin producing military drones in the U.S. within six months, seeking Pentagon certification, and aims to leverage its public status to secure $200 million in government financing, particularly from Canada. This IPO success comes amid renewed market interest in defense technology and favorable policy conditions, including a recent executive order to boost the U.S. drone industry. Executive chairman Chirinjeev Kathuria demonstrated confidence by committing to purchase $5 million worth of shares at the offering price.