Droneacharya IPO doubles investors’ wealth with blockbuster debut; shares list at 90% premium

Droneacharya IPO doubles investors’ wealth with blockbuster debut; shares list at 90% premium

Droneacharya Aerial Innovations shares listed at a bumper premium of 90% despite the domestic equity markets trading in the red on Friday. Droneacharya Aerial Innovations stock made its market debut at Rs 102 on the BSE, as compared to the public issue price of Rs 54. The scrip shortly thereafter rose to Rs 107 per share, up 98%. Analysts and experts recommended that investors subscribe to the issue, prompting expectations of a stellar listing. Droneacharya Aerial Innovations shares commanded a grey market premium (GMP) of Rs 54, compared to its issue price of Rs 54 as well.

Droneacharya is the first drone start-up company in India. It aims to raise approximately Rs 34 crore through a new issuance of shares. The company said that it will use the book-building procedure to offer 62.90 lakh shares (Rs 10 paid up). The fresh funds raised will be utilised to purchase and manufacture drones, sensors and processing infrastructure, Droneacharya said.

Ahead of the IPO, the company had mopped up Rs 54 crore from anchor investors. The company said it allocated a total of 17.90 lakh equity shares to 4 anchor investors at Rs 54 per share. Of the 4 anchor investors, Aegis Investment Fund has been allocated 3.72 lakh shares, Maven India Fund (5.72 lakh shares), Nav Capital VCC-NAV Capital Emerging Star Fund (3.96 lakh shares), and Zinnia Global Fund (4.50 lakh shares).

DroneAcharya Aerial Innovations provides a complete ecosystem of drone solutions for multi-sensor drone surveys, data processing of Drone and robust high-configuration hardware for drone delivery, drone-in-a-box solutions for automated survey and surveillance, and drone pilot training, along with GIS data processing, Python coding, and industry-specific courses. Further, it is entering into manufacturing customised 100% indigenous drones and offers customised services.