Public Market

IPO

DroneAcharya's Rs.34-Cr IPO receives bids for Rs.6,016-Cr

Press Release  

The IPO of Pune-based DroneAcharya Aerial Innovations was subscribed 262 times. The startup's IPO received strong demand from high networth individuals (HNIs) as well as retail investors, who subscribed 388 times and 330 times respectively. The company was looking to raise nearly INR 34 crore through a fresh issue of shares via this IPO. It received bids to the tune of INR 6,016 crore. The price band of the IPO was set between INR 52 and INR 54 a share. The net proceeds will be used to purchase and manufacture drones, sensors and processing infrastructure. The company also plans to open 12 new training centres by March 2023. DroneAcharya Al provides a high-end ecosystem of drone solutions for multi-sensor drone surveys, data processing of drone data using robust high configuration workstations, drone pilot training and specialized GIS training. Investor Shankar Sharma has a minority stake in the company.