Home / Markets / Stock Markets /  Shankar Sharma-backed drone stock hits upper circuit on 5th day in a row after listing

Shares of Droneacharya Aerial Innovations Limited have locked-in at 5 per cent upper circuit on fifth day in a row. Droneacharya Aerial share price has been finding no seller since it made its debut on BSE SME exchange on Friday last week. The SME stock had listed on Dalal Street at 102 apiece, delivering around 90 per cent listing premium to its lucky allottees. However, the stock has been continuously in uptrend and in last five days, it has surged from 102 apiece to 130.10 per share levels, recording around 27 per cent rise from its listing price of 102 levels.

Droneacharya Aerial Innovations share price history

Droneacharya Aerial Innovations IPO was offered at a price band of 52 to 54 apiece from 13th to 15th December 2022. In these three days of bidding, the public issue got subscribed 243.70 times, its retail portion got subscribed over 330 times whereas its NII portion got subscribed 287.80 times. The public issue had a dream debut on Dalal Street on 23rd December 2022 after listing at 102 apiece levels. 

Soon after listing, it went on to lock-in at 5 per cent upper circuit at 107.10 on the listing date. After hitting upper circuit on the listing date, Droneacharya Aerial shares went on to hit upper circuit on following four sessions from Monday to Thursday. So, Droneacharya Aerial Innovations IPO has tuned multibagger IPO within a week of its listing.

Multibagger return to allottees

As mentioned above, Droneacharya Aerial Innovations IPO was offered at 52 to 54 and after listing Droneacharya Aerial share price is quoting 130.10. This means, Droneacharya Aerial Innovations IPO has turned out a multibagger IPO within a week of its listing and those who got Droneacharya Aerial shares through allotment process are enjoying over 140 per cent listing premium.

Shankar Sharma, other investors back this company

In pre-IPO funding, marque investors led by Shankar Sharma and other well-known market mavens and celebrities have picked a minority stake in the company.

Speaking on outlook of Droneacharya Aerial Innovations shares, 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."

Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before taking any investment decisions.

Asit Manohar
Chief Content Producer at Live Mint Digital Team
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