MSME listing on NSE Emerge: Gurugram-headquartered farming drone technology company AITMC Ventures (AVPL), on Monday, announced the filing of its Draft Red Herring Prospectus (DRHP) with NSE Emerge, the listing platform by NSE for MSMEs. According to the release by company, the company plans to offer 2,07,32,000 equity shares at the face value of Rs 2 each through the book-building route.
The release said that SKI Capital Services will be the book-running lead Manager to the issue while Bigshare Services will be the registrar to the issue. AVPL operates in three broad verticals: skill development, drone skilling and assembly, and agri-retail. The company focuses on structured training programmes supported by the government for drone entrepreneurs and agricultural entrepreneurs.
The pre-issue shareholding of AVPL stood at 74.16 per cent at the date of filing the DHRP. Through the benefits and subsidies of government programmes, AVPL supports entrepreneurs working in the application of drone technology through Drone-as-a-Service (DaaS) offerings. The company aims to utilise the raised funds to invest in its subsidies and fund its investments, as well as for its working capital.
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Deep Sihag Sisai, founder and managing director, AVPL, said, “We are confident that the increasing adoption of drone technology in agriculture presents a substantial growth opportunity for our Drone-as-a-Service (DaaS) offerings. Furthermore, we are well-positioned to benefit from government incentives and support as we have aligned our strategies with the government’s priorities such as employment and income augmentation in the agriculture sector”, further added Deep.
AVPL is currently partnered with different state governments, the National Skill Development Corporation, and the National Federation of Farmers Procurement Processing and Retailing Cooperatives of India (NACOF). The company’s revenue for FY23 stood at Rs 21.44 crore, as compared to Rs 11.29 crore in FY22. Its EBITDA for FY23 was Rs 8.29 crore vis-a-vis Rs 2 crore in FY22 on the back of an increased number of students trained by the company.
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Ghanisht Nagpal, Partner Investment Banking, SKI Capital Services Limited, said, “AVPL is aiming to capitalise on an ecosystem play – at the intersection of technology, agriculture, and skill development. Deep and his team have a demonstrated business model awaiting the scale-up to the next level with the upcoming IPO.