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DroneAcharya Aerial Innovations issue oversubscribed by 262X on last day

Pune-headquartered DroneAcharya Aerial Innovations has 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 drone startup’s initial public offer (IPO) opened for subscription on the BSE SME IPO platform on December 13, 2022. As per the official release, the retail portion was subscribed by 330.75 times at 69.19 crore shares against 20.92 lakh shares on offer. 

Of the two other categories, the release added 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.

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DroneAcharya Aerial Innovations IPO to open on Dec 13, close on Dec 15

Founded by the Indian drone Industry veteran Prateek Srivastava in 2017, DroneAcharya AI 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-Rs 54 per share. As per the company, of the 62.90 shares offered, 8.98 lakh shares are reserved for HNIs, 11.94 lakh are reserved for QIBs (qualified institutional buyers), and 20.92 lakh shares will be offered to retail investors.

The company will use the funds to purchase and manufacture drones, sensors, and processing infrastructure, as well as plans to open 12 training centres by March 2023.

DroneAcharya AI claims to be one of the first private players to receive a DGCA (Directorate General of Civil Aviation) certified RPTO (Remote Pilot Training Organisation) license in 2022. 

For the first quarter of FY 2022-23, DroneAcharya Aerial Innovations reported a total revenue of Rs 308.96 lakh and a net profit of Rs 72.06 lakh.

Since March 2022, the company claims to have trained more than 180 drone pilots. Further, it plans to enter the manufacture of customised 100% indigenous drones and land and underwater surveying services.

Edited by Kanishk Singh

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