Weapons Firm Destinus Seeks €200 Million in Pre-IPO Funding

European weapons maker Destinus is in talks with investors to raise about €200 million ($234 million) ahead of a planned initial public offering, according to people familiar with the matter.

The Netherlands-headquartered startup, which makes drones and cruise missiles kicked off its fundraising in recent weeks, said the people, who asked not to be identified discussing confidential information. The firm is targeting a valuation of more than €5 billion based on its forecast annual revenue of around €500 million, some of the people said.