Adani Group Droneacharya AI IPO to open on Dec 13

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Adani Group Droneacharya AI IPO to open on Dec 13

On Tuesday, Droneacharya Aerial Innovations announced that it would open its initial public offering IPO on December 13. The initial share sale would conclude on December 15.

SME Small and medium enterprises IPO would offer 62.90 lakh shares of Rs 10 paid up through the book-building process in a price band of Rs 52-54 per share.

The company said that 8.98 lakh shares of the total shares would be reserved for the HNI category, 11.94 lakh shares for the QIB quota and 20.92 lakh shares would be offered to retail investors.

The funds raised will be used to purchase and manufacture drones, sensors and processing infrastructure, according to Droneacharya AI.

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In the pre-IPO funding, marque investors led by Shankar Sharma along with other market experts and Bollywood celebrities have a minority stake in the company. In a release, India also took a stake in Mangina Srinivas Rao, previously associated with ITC e-Chaupal and Bill and Melinda Gates Foundation.

It added that a number of angel investors, including Jay Vishwanathan, VC Kartik and Samit Bhartia, have also invested in the company.

Manish Khanna, co-founder of Unlisted Assets, said on the valuation front, it looks good from a long-term perspective, and investors should track their orderbook and execution on quarter-on-quarter basis to see their performance. The most recent IPO GMP for Droneacharya AI is estimated to be at Rs 15 per market sources. The expected listing price for the SME IPO, given at the price range of Rs 54, is Rs 69 cap price plus the current estimated GMP in terms of percentage. The anticipated gain per share is 27.78 per cent. The lowest reported GMP is at Rs 15 and the highest recorded GMP is at Rs 30, according to market sources.

The book-running lead manager for the issue is Corporate Capital Ventures. The shares would be listed on the BSE SME Exchange.

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Droneacharya AI is one of the first private players to receive a DGCA-certified remote pilot training organisation RPTO license this year. More than 180 drone pilots have been trained by the company.

The company plans to enter the manufacturing sector of customised indigenous drones and offers land and select underwater surveying services.

The company hopes to open 12 new training centres by March 2023. For Q 1 of the year, the company reported a total revenue of Rs 308.96 lakh and a net profit of Rs 72.06 lakh.