The shares of India's first drone startup Droneacharya Aerial Innovations surged 98 percent on BSE following its blockbuster debut. The shares rose to as much as Rs 107.1, compared to the issue price of Rs 54. The shares made a blockbuster debut on BSE on Friday i.e. December 23. Droneacharya Aerial Innovations listed at Rs 102 apiece, a premium of 88 percent to the issue price of Rs 52 to Rs 54.
The initial share-sale opened for public subscription on December 13. The three-day Rs 33 crore IPO concluded on December 15. The company received a demand for shares worth over Rs 6,000 crore against an issue size of Rs 34 crore. Retail subscription surged to 330.75 times and non-institutional investor category was booked 388.71 times. Qualified institutional buyer (QIB) segment was bought 46.21 times.
Proceeds of the IPO will be used for the purchase of drones and other accessories and for general corporate purposes.
Ahead of the public offer, the company raised Rs 54 crore from anchor investors — Aegis Investment Fund, Maven India Fund, Nav Capital VCC-NAV Capital Emerging Star Fund and Zinnia Global Fund.
Maharashtra-based Droneacharya Aerial Innovations is a full-fledged innovative solution-based company. It is involved in multiple aspects of drones, Drone-as-a Service (DaaS), and Geographic Information Systems (GIS).
Droneacharya Aerial Innovations was founded by Prateek Shrivastava and is backed by Shankar Sharma and Bollywood celebrities Aamir Khan and Ranbir Kapoor. Company's key investors also include ITC e-Chaupal, and M Srinivas Rao, who was earlier associated with the Bill & Melinda Gates Foundation, India among others.
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