- The IPO of the Pune-based drone startup has been subscribed 262 times on the last day.
- DroneAcharya Aerial Innovations is looking to raise ₹34 crore through a fresh issue of shares.
- The price band of the IPO has been set between ₹52-54 a share.
- The shares of the company will be listed on BSE SME exchange.
- Shares of the company are commanding a premium of ₹65 in the grey market.
The Pune-based drone startup’s IPO received strong demand from HNIs as well as retail investors, who subscribed for it 388 times and 330 times respectively.
While the company is looking to raise nearly ₹34 crore through a fresh issue of shares via this IPO, it received bids to the tune of ₹6,016 crore. The price band of the IPO is set between ₹52-54 a share. The shares of the company will be listed on BSE SME exchange.
The shares of the company are currently commanding a grey market premium, or GMP, of ₹65 per share. GMP is the premium at which IPO shares are traded in an unofficial market before they are listed on the stock exchanges.
Two other IPOs have been seeking bids with DroneAcharya. Landmark Cars, which opened on the same day as DroneAcharya, was subscribed 3.06 times on its last day, on Thursday. Sula Vineyards, which opened for subscription on Monday, has been subscribed by 2.33 times on Wednesday, which was its last day for receiving bids.
DroneAcharya is backed by ace investor Shankar Sharma, who has a minority stake in the company. The startup also went from raising a pre-seed funding of $4.6 million this May, directly to a public offer.
DroneAcharya Al provides a high-end ecosystem of drone solutions for multi-sensor drone surveys, data processing of drone data using robust high configuration workstations, drone pilot training and specialized GIS training.
The SME IPO lot size of the company is 2,000 shares and a retail individual investor can apply for up to 1 lot i.e up to ₹1.08 lakh.
The company has been authorised by the Directorate General of Civil Aviation (DGCA) as a Remote Pilot Training Organisation (RPTO) to conduct drone training. Since March 2022, the company has trained more than 180 drone pilots.
The net proceeds raised by the startup will be utilised to purchase and manufacture drones, sensors and processing infrastructure. Further, the company plans to open 12 new training centres by March 2023.
It has also rolled out several concise and industry-relevant drone and GIS courses.
It aims to provide quality products and services across multiple domains such as agriculture, defence, energy, mining, infrastructure, oil and gas, smart cities, urban planning and water resources.
The company has a workforce of 40 employees across various departments. Around 71.56% of the drone company’s revenues are derived from clients in Maharashtra.
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