Pune: The first drone company to list on the stock exchange is Pune-headquartered company DroneAcharya. The company’s stock made its market debut and was listed at a 100% premium with a gain of 88% at Rs 102 a share on the BSE SME Bourse.
The company’s issue price was Rs 52 per share, and after being listed, the company’s shares were quickly locked at a 5% upper limit of the circuit breaker and reached a high of Rs 107.10 per share. On day one company witnessed total traded volumes of 26.92 lakh shares and clocked a turnover of Rs 27.57 crores. DroneAcharya’s Rs 33-crore issue was oversubscribed 262 times with bids worth Rs 6,017 crore.
Prateek Shrivastava, the founder of DroneAcharya, said, “Proceeds from the IPO would be used to expand infrastructure and enter the defence segment. To carry loads in high altitude-areas, there was a demand for logistics drones by the defence forces, and compared to a day taken by road, their drones could carry out deliveries in 30 minutes.” The startup was already working with the defence forces and training personnel in drone operations.
The company would launch a range of new products by 2023. The Made in India drones had only 15% of their source from globally and 85% from the country. The DroneAcharya was also getting ready to launch its higher payload drones.
