Droneacharya Aerial Innovations on Tuesday announced that it’s initial public offering (IPO) would open for subscription on December 13. The three-day initial share sale would conclude on December 15.
The SME (Small and medium enterprises) IPO would offer 62.90 lakh shares (Rs 10 paid up through the book-building process in the price band of Rs 52-54 per share.
The company also mentioned that of the total shares offered, 8.98 lakh shares would be reserved for the HNI category, 11.94 lakh shares for the QIB quota, and 20.92 lakh shares would be offered to retail investors.
Droneacharya AI said the fresh funds raised would be utilised to purchase and manufacture drones, sensors and processing infrastructure.
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“In the pre-IPO funding, marque investors led by Shankar Sharma along with other market experts and Bollywood celebrities have picked a minority stake in the company. Mangina Srinivas Rao (previously associated with ITC e-Chaupal and Bill and Melinda Gates Foundation, India) also took a stake,” the company stated in a release.
“In addition, a few angel investors, including Jay Vishwanathan, VC Kartik and Samit Bhartia, have also invested in the company,” it added.
Manish Khanna, Co-Founder of Unlisted Assets, said, “On the valuation front, it looks good from long-term perspective and investors should track their orderbook and execution on quarter on the quarter basis to watch their performance.”
Grey market premium
“The most recent IPO GMP for Droneacharya AI is estimated to be at Rs 15 as per market sources. The expected listing price for the SME IPO, given at the price range of Rs 54, is Rs 69 (cap price plus the current estimated GMP). In terms of percentage, the anticipated gain per share is 27.78 per cent. The lowest reported GMP is at Rs 15 and the highest recorded GMP is at Rs 30, based on market sources,” Khanna stated.
The book-running lead manager to the issue is Corporate Capital Ventures. The shares would be listed on BSE SME Exchange.
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Droneacharya AI is one of the first private players to receive an aviation regulator DGCA-certified remote pilot training organisation (RPTO) license this year. So far, it has trained more than 180 drone pilots.
The company plans to enter the manufacturing sector of customised indigenous drones and offers land and select underwater surveying services.
Further, the company aims to open 12 new training centres by March 2023. For Q1FY23, the company reported a total revenue of Rs 308.96 lakh and a net profit of Rs 72.06 lakh.