Pune-headquartered drone startup DroneAcharya Aerial Innovations, which has attracted investments from marquee investors like Shankar Sharma, Mangina Srinivas Rao and VC Kartik, is headed to Dalal Street soon.
The company's initial public offering (IPO) from December 13 - 15 will have a price band of Rs 52-54. Of the 62.90 lakh shares offered, 8.98 lakh are reserved for high net worth individuals (HNI), 11.94 lakh for qualified institutional buyers (QIB) and 20.92 lakh will be offered to retail investors.
Since it's an SME IPO, one lot for retail investors is 2,000 shares amounting to Rs 1.08 lakh of minimum investment.
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Other key investors in the startup include Harshal Mode, an angel investor in media and entertainment-focused startups, and Ashish Nanda, founder and managing director of Innovations Group, a UAE-based business conglomerate.
Switzerland-based Wellstone Capital has also picked up a stake in the company in the pre-IPO round of funding.
The startup's shares will be listed on BSE SME Exchange and the funds raised will be mainly used to purchase and manufacture drones and sensors.
Also Read: I see clearest bull market in small-cap stocks: Shankar Sharma
Market maven Shankar Sharma, who has been on a small companies buying spree, said: "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."
According to a press release, DroneAcharya AI is one of the first private players to receive a DGCA (Directorate General of Civil Aviation) certified RPTO (Remote Pilot Training Organization) licence in 2022. Since March 2022, the company has trained more than 180 drone pilots.
In Q1FY23, it reported a total revenue of Rs 3.09 crore and a net profit of Rs 72.06 lakh. It plans to manufacture 100 percent indigenous drones that are customised for land and underwater surveying services.
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