Drone startup company DroneAcharya Aerial Innovations became the first drone company to list on the stock exchange. The DroneAcharya stock made its market debut and was listed at a 100% premium before ending the day with a gain of 88% at Rs 102 a share on the BSE SME Bourse.
The Pune-headquartered drone company’s issue price was at Rs 52 per share and post listing, the company’s shares were immediately locked at a 5% upper limit of the circuit breaker and touched a high of Rs 107.10 a share. The company witnessed total traded volumes of 26.92 lakh shares and clocked a turnover of Rs 27.57 crore on day one. DroneAcharya’s Rs 33-crore issue was oversubscribed by 262 times with bids worth Rs 6,017 crore.
DroneAcharya founder Prateek Shrivastava said proceeds from the IPO would be used to expand infrastructure and also enter the defence segment. There was a demand for logistics drones by the defence forces to carry loads in high-altitude areas and their drones could carry out deliveries in 30 minutes compared to a day taken by road. DroneAcharya was already working with the defence forces and training personnel in drone operations.
The company would be launching a range of new products by March ’23. The Made in India drones had 85% of their components sourced from the country and only 15% sourced globally. DroneAcharya was also getting ready to launch higher payload drones.