Shares of Droneacharya Aerial Innovations hit an upper circuit of 5% at Rs 107.10 at 10:12 IST on the BSE, a premium of 98.33% compared with the issue price of Rs 54.
The scrip was listed at Rs 102, representing a premium of 88.89% compared with the IPO price.So far, the scrip hit a low of Rs 96.90. Over 25.32 lakh shares of the company have changed hands in the counter till now.
The initial public offer (IPO) of Droneacharya Aerial Innovations was subscribed 243.70 times. The issue opened for bidding on 13 December 2022 and it closed on 15 December 2022. The price band of the IPO was Rs 52-54 per share.
The Retail Individual Investors (RIIs) category was subscribed 330.82 times. The Non-Institutional Investors (NIIs) category was subscribed 287.80 times. The Qualified Institutional Buyers (QIBs) category was subscribed 46.21 times.
The IPO comprised fresh issuance of upto 62,90,000 equity shares. The company intends to utilize the net proceeds from the issue for purchase of drone and other accessories, and for general corporate purposes.
Droneacharya Aerial Innovations provide high-end ecosystem of drone solutions for multi-sensor drone surveys, data processing of drone data using robust high configuration workstations, drone pilot training & specialized GIS training. The company's offerings can be classified into four broad categories namely, training, services, surveillance and others.
The company had recorded total income of Rs 3.08 crore and net profit of Rs 0.71 crore for the period ended on 30 June 2022.
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Bollywood celebrities Aamir Khan and Ranbir Kapoor, and market veteran Shankar Sharma, among others, picked up minority stakes in DroneAcharya Aerial Innovations in the pre-IPO round.
Mangina Srinivas Rao (previously associated with ITC e-Chaupal and Bill and Melinda Gates Foundation, India) also holds a stake in the company. Rao is also one of the non-executive independent directors of the company.
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