DroneAcharya Aerial Innovations Ltd, the Pune-headquartered first drone startup company in the country, made a sterling debut on the BSE’s SME bourse. The company’s shares were listed at a premium of 88 percent at Rs 102 a share over its issue price of Rs 52-52 per share.
Post listing, the company’s shares were immediately locked at a 5% upper limit of the circuit breaker and touched a high of Rs 107.10 a share. Selective profit-taking saw the shares trimmed some gains to touch a low of Rs 96.90 before recouping its lost ground. The company witnessed total traded volumes of 26.92 lakh shares and clocked a turnover of Rs 27.57 crore on day 1.
DroneAcharya’s public issue had received overwhelming response from investors across the categories, with the company’s initial public offer getting subscribed over 262 times with bids worth Rs 6,017 crore.
Corporate Capital ventures Private Ltd was the sole Book Running Lead Manager to the issue, while Bigshare Services Private Ltd was the Registrar to the issue.
The startup, which was founded by Prateek Shrivastava and backed by Bollywood celebrities Aamir Khan, Ranbir Kapoor, and market veteran Shankar Sharma, saw strong demand for its IPO from high net-worth individuals (HNIs) and retail investors.
The Rs 33-crore issue saw retail subscription getting oversubscribed by 330.75 times, while the non-institutional investor category (NII) was booked 388.71 times and the qualified institutional buyer (QIB) segment was bought 46.21 times.
The initial public offer of Droneacharya Aerial Innovations Limited was open for subscription on the BSE SME IPO platform between December 13-15.
Droneacharya Aerial Innovations primarily stands on a business tripod of training, services, and surveillance. It is one of the first private players to receive a Remote Pilot Training Organization (RPTO) licence from the aviation watchdog Directorate General of Civil Aviation (DGCA). Since March 2022, the company has trained more than 180 drone pilots.
The company has rolled out several concise and industry-relevant Drone and GIS courses designed to upskill and empower young Indians to build a new-age career within the drone ecosystem. The company plans to enter the manufacture of customised 100% indigenous drones and offers land and underwater surveying services, which include powerlines & utilities, oil & gas infrastructure, mines and quarries, energy & renewables, roads & highways, urban & rural planning, Agriculture & Irrigation, Underwater Inspection, and Underwater Bathymetry.
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