AIRO Group Holdings (AIRO) stock is soaring 29% in intraday trading on Friday, marking a strong debut on the Nasdaq Global Market. The aerospace and defense technology company's shares are rallying following its initial public offering (IPO) that raised $60 million.

AIRO Group priced its IPO at $10 per share, selling 6 million common shares. The offering, which was led by joint book-running managers Cantor, BTIG, and Mizuho, also includes a 30-day option for underwriters to purchase up to an additional 900,000 shares to cover potential over-allotments. This successful public debut comes after the company's previous attempt to go public through an $847 million blank-check deal was scrapped last year.

The Albuquerque, New Mexico-based company plans to use the net proceeds from the IPO, along with existing cash, to support growth initiatives, repay debt, and for general corporate purposes. As AIRO Group enters the public market, investors appear optimistic about the company's prospects in the aerospace and defense technology sector, driving the significant price increase on its first day of trading.