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IPO of Shankar Sharma-backed Droneacharya Aerial Innovations to open next week

The latest IPO Grey Market Premium (GMP) for Droneacharya Aerial Innovations was  ₹15 as of Dec. 5 at 04:29 PM.  (PTI)Premium
The latest IPO Grey Market Premium (GMP) for Droneacharya Aerial Innovations was 15 as of Dec. 5 at 04:29 PM. (PTI)

  • The first drone start-up company in the nation, DroneAcharya Aerial Innovations (Droneacharya AI), with its headquarter in Pune, has announced today that its initial public offering (IPO) would begin on December 13 and end on December 15, 2022.

The first drone start-up company in the nation, DroneAcharya Aerial Innovations (Droneacharya AI), with its headquarter in Pune, has announced today that it's initial public offering (IPO) would begin on December 13 and end on December 15, 2022. Through a new issuance of shares through an IPO, the company anticipates raising approximately 34 crore. The business said that it will use the book-building procedure to offer 62.90 lakh shares ( 10 paid up) in the range of 52 to 54 per share and 2000 Shares are the minimum order amount.

The latest IPO Grey Market Premium (GMP) for Droneacharya Aerial Innovations was 15 as of Dec. 5 at 04:29 PM. The anticipated listing price for the Droneacharya Aerial Innovations SME IPO, considering the price band of 54, is Rs. 69 (cap price of Rs. 54 + today's GMP of Rs. 15). As a result, the estimated gain from the current GMP is 27.78%.

The company has said in its official release that of the 62.90 shares offered, 8.98 lakh shares are reserved for HNI's, 11.94 lakh shares are reserved for QIB's and 20.92 lakh shares will be offered to retail investors.

The shares of the company will be listed on BSE SME Exchange. The fresh funds raised will be utilised to purchase and manufacture drones, sensors and processing infrastructure. Further, the company plans to open 12 new training centres by March 2023. For Q1FY23, the company reported a total revenue of 308.96 lakhs and a net profit of 72.06 lakhs.

Shankar Sharma adds, "Given Prime Minister Narendra Modi's vision to make India a global drone hub, we have invested in drone services and pilot training start-up Droneacharya. Further, drones are being widely used in the country across industries for surveys, deliveries and surveillance, and this segment is expected to perform strongly in the coming years. We see a great value creation as the company has within a very short span been able to scale up its operations and has dynamic plans ahead."

Along with Shankar Sharma, Mangina Srinivas Rao (formerly linked to the Bill & Melinda Gates Foundation, India and ITC e-Chaupal) has also acquired a stake in the company. A few angel investors have also invested in the firm, including Samit Bhartia, VC Kartik, and Jay Vishwanathan. Samit Bhartia is the brother of Amit Bhartia, a former partner of GMO, and Jay Vishwanathan is one of India's early pioneers of private equity.

DroneAcharya Aerial Innovations (Droneacharya AI) also said today in an official announcement that other key investors include Harshal Mode, an angel investor in media and entertainment-focused start-ups, and Ashish Nanda, Founder & Managing Director of Innovations Group, a UAE-based business conglomerate. Nikhil Chawla and Vivek Chandaria promoted Switzerland-based Wellstone Capital have also picked up a stake in the company in the Pre-IPO round of funding.

One of the earliest private players to be granted an RPTO (Remote Pilot Training Organization) licence by the DGCA (Directorate General of Civil Aviation) in 2022 is DroneAcharya AI. The company has coached more than 180 drone pilots since March 2022. The business also provides land and underwater surveying services, including powerlines & utilities, oil & gas infrastructure, mines & quarries, energy & renewables, roads & highways, urban & rural planning, agriculture & irrigation, underwater inspection, and underwater bathymetry. The company also plans to enter the manufacture of customised, 100% indigenous drones.

ABOUT THE AUTHOR

Vipul Das

Vipul Das is a Digital Business Content Producer at Livemint. He previously worked for Goodreturns.in (OneIndia News) and has over 5 years of expertise in the finance and business sector. Stocks, mutual funds, personal finance, tax, and banking are among his specialties, and he is a professional in industry research and business reporting. He received his bachelor's degree from Dr. CV Raman University and also have completed Diploma in Journalism and Mass Communication (DJMC).
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