To begin on December 13, DroneAcharya Aerial Innovations’ IPO will end on December 15
- ByStartupStory | December 7, 2022
The initial public offering of drone firm DroneAcharya Aerial Innovations will start on December 13 and end on December 15. The company with its headquarters in Pune will list its shares on the BSE SME Exchange.
The company announced in a statement that it will use the book-building procedure to sell 62.90 lakh shares (Rs 10) in the range of Rs 52 to Rs 54 per share. 8.98 lakh of these shares would be set aside for high net worth people, followed by 11.94 lakh for approved institutional purchasers and 20.92 lakh for ordinary investors.
Corporate Capital Ventures is the issue’s book-running lead manager. The market maker is R. K. Stock Holding, and the registrar is Bigshare Services. The startup intends to utilise the money to buy and make processing equipment, sensors, and drones. By March 2023, it also intends to open 12 training facilities. DroneAcharya Aerial Innovations reported a total revenue of Rs. 308.99 lakh and a net profit of Rs. 72.06 lakh for the first quarter of FY2022-23.
Market guru Shankar Sharma, along with other industry experts and celebrities, had acquired a minority share in the business during the pre-IPO round of investment. Mangina Srinivas Rao, formerly connected to ITC e-Chaupal and the Bill and Melinda Gates Foundation in India, as well as angel investors Jay Vishwanathan, V C Kartik, and Samit Bhartia were additional investors.
Nikhil Chawla and Vivek Chandaria of the UAE-based business conglomerate Innovations Group, Harshal Mode, an angel investor in media and entertainment-focused startups, Ashish Nanda, and Switzerland-based Wellstone Capital had also made investments in the business.
In a statement regarding his investment in the business, Shankar Sharma said, “Drones are utilised extensively throughout the nation in a variety of businesses for surveys, deliveries, and surveillance, and this market is predicted to perform well in the years to come. We believe that the company has created a lot of value because it has quickly expanded its operations and has exciting plans for the future.”
This year, DroneAcharya Aerial Innovations was granted a licence as a “remote pilot training organisation” by the DGCA (Directorate General of Civil Aviation). Since March 2022, the business claims to have taught more than 180 drone pilots.
In order to upskill young Indians, it has also started drone and geographic information system courses. Prateek Shrivastava’s drone firm intends to foray into the production of specialised, entirely indigenous drones as well as land and undersea surveying services.
Follow Startup Story
Related Posts
