DroneAcharya Aerial Innovations Issue subscribed nearly 23 times on Day 1

 

National: "DroneAcharya Aerial Innovations" (Droneacharya AI), the Pune-headquartered first drone start-up company in the country, received an overwhelming response from the bidders, clocking a whopping 22.94 times on the first day of its public issue.

The initial public offer (IPO) of 'Droneacharya Aerial Innovations Limited', which opened for subscription on the BSE SME IPO platform, closes on December 15, 2022. The retail portion received a strong response, getting subscribed by a robust 37.89 times amounting to over 7.92 crore shares against 20.92 lakh shares on offer.

Of the two other categories, the Non-Institutional Investor category (NII) was subscribed 17.25 times accounting for over 1.54 crore shares against 8.98 lakh shares on offer. Finally, the Qualified Institutional Buyer (QIB) category was subscribed 1.03 times representing 12.34 lakh shares against 11.94 lakh shares on offer.

On Monday, the company successfully closed its Anchor book account. The company said it has 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).

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 QIB, 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 up-skill and empower young Indians to build a new-age career within the drone ecosystem. The company plans to enter the manufacture of customized 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.