The offer closed with 109.66 crore bids as against the issue size of 45 lakh shares.
The initial public offer (IPO) of Droneacharya Aerial Innovations received bids for 1,09,66,34,000 shares as against 45,00,000 shares on offer. The issue was subscribed 243.70 times.
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 issue opened for bidding on Tuesday (13 December 2022) and it closed on Thursday (15 December 2022). The price band of the IPO is fixed at Rs 52-54 per share.
The issue size comprised of fresh issuance of up to 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.
Ahead of the IPO, the company's board finalized the allocation of 17,90,000 shares to four anchor investors at Rs 54 per share, aggregating to Rs 9,66,60,000.
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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.
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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