Receives bids 109.61 crore shares amounting to Rs 6,016.78 Cr
DroneAcharya Aerial Innovations (Droneacharya AI), the Pune-headquartered first drone start-up company in the country, received an overwhelming response from the bidders, clocking an oversubscription of 262 times on the last day of its public issue aggregating Rs 6,016.78 crore.
The initial public offer (IPO) of Droneacharya Aerial Innovations Limited, had opened for subscription on the BSE SME IPO platform on December 13, 2022. The retail portion received a strong response, getting subscribed by 330.75 times at 69.19 crore shares against 20.92 lakh shares on offer.
Of the two other categories, the Non-Institutional Investor category (NII) was subscribed 388.71 times, accounting for over 34.90 crore shares against 8.98 lakh shares on offer. Finally, the Qualified Institutional Buyer (QIB) category was subscribed 46.21 times, representing 5.51 crore shares against 11.94 lakh shares on offer.
DroneAcharya Aerial Innovations Issue Oversubscribed by 262 times
The company is offering a total of 62.90 lakh shares (Rs 10/- paid up) through the book-building process in the price band of Rs 52-54 per share. Of the 62.90 shares offered, 8.98 lakh shares are reserved for HNI’s, 11.94 lakh shares are reserved for QIBs and 20.92 lakh shares will be offered to retail investors.
DroneAcharya AI is one of the first private players to receive a DGCA (Directorate General of Civil Aviation) certified RPTO (Remote Pilot Training Organization) license in 2022. Since March 2022, the company has trained more than 180 drone pilots. It 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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