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DroneAcharya Aerial Innovations IPO To Remain Open For Subscription Between December 13 and 15

By: Business Desk

Edited By: Mohammad Haris

News18.com

Last Updated: December 06, 2022, 18:07 IST

New Delhi, India

DroneAcharya reported a total revenue of Rs 3.09 crore and a net profit of Rs 72.06 lakh for Q1FY23.

DroneAcharya reported a total revenue of Rs 3.09 crore and a net profit of Rs 72.06 lakh for Q1FY23.

DroneAcharya will offer 62.90 lakh shares through the book-building process in the price band of Rs 52-54 per share

Pune-based DroneAcharya Aerial Innovations, the first drone start-up company in the country, on Tuesday said its initial public offering (IPO) will open on December 13, 2022, and close on December 15, 2022. It will offer 62.90 lakh shares (Rs 10 per paid-up share) 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’s and 20.92 lakh shares will be offered to retail investors.

“The book-running lead manager to the issue is Corporate Capital Ventures. Bigshare Services is the registrar to the issue, and R K Stock Holding is the market maker to the issue. 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 Rs 308.96 lakhs and a net profit of Rs 72.06 lakhs," DroneAcharya Aerial Innovations said in a statement.

It added that in the 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.

Shankar Sharma said, “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."

Besides, Shankar Sharma and Mangina Srinivas Rao (previously associated with ITC e-Chaupal and Bill and Melinda Gates Foundation, India) have also picked up a stake in the company. In addition, a few angel investors, including Jay Vishwanathan, VC Kartik and Samit Bhartia, have also invested in the company. Jay Vishwanathan is amongst the early pioneers of private equity in India, while Samit Bhartia is the brother of Amit Bhartia, an ex-Partner at GMO.

Droneacharya Aerial Innovations was incorporated by Prateek Srivastava in 2017. Droneacharya Aerial Innovations is the Directorate General of Civil Aviation (DGCA)-certified RPTO (Remote Pilot Training Organisation) company, having its main centre in Pune, Maharashtra. Within only six months of operations, it has been able to train more than 150 drone pilots.

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first published:December 06, 2022, 18:07 IST
last updated:December 06, 2022, 18:07 IST
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