Investing.com -- Shares of major drone manufacturers traded higher on Tuesday, with gains potentially linked to the strong performance of Aevex following its initial public offering.

Aevex, a private equity-backed dronemaker, opened for trading at $23.01 per share three days ago, above its offer price of $20. By Tuesday, the stock climbed to $36.40 and reached an intraday high of $38.79, nearly doubling from its IPO price.

AeroVironment rose 9.3%, while Draganfly gained 3.5%. Unusual Machines added 2%, and Aevex increased 9.4%.