Swarmer Inc. (NASDAQ:SWMR) on Monday priced its initial public offering at $5 per share, raising about $15 million, as the drone autonomy software company looks to scale operations and expand its product capabilities amid rising defense demand.

The company offered 3 million shares, with proceeds earmarked for hiring, product development, integration with drone hardware manufacturers, and general corporate purposes.

Swarmer's technology was first deployed in combat operations in Ukraine in April 2024.

Since then, it has completed more than 100,000 combat missions, generating terabytes of proprietary data.

With headquarters in Austin, Texas, Swarmer maintains operations and teams in Ukraine, Poland, and Estonia.

Swarmer Strong Recent IPO Debut

Shares of Swarmer soared dramatically in their market debut, jumping as much as 700% intraday before closing up 520% at $31, a Bloomberg report