Up 300% within weeks! Droneacharya Aerial shares hit 10% upper circuit today; no seller

Droneacharya Aerial Innovations, which got listed on December 23, 2022, has rallied 307 per cent over its IPO issue price of Rs 54 apiece. On Tuesday, the scrip hit its 10 per cent upper circuit limit at Rs 220.80. Against buy orders of 5,28,000 shares on BSE, there were nil sell orders.

The company had on Friday said its board considered and approved shifting of its registered office from Karnataka to Maharashtra and appointed Veena Agrawal & Associates as the internal auditor of the company. 

The company's IPO was a hit among investors, as the issue was subscribed 262 times, receiving bids for 109.61 crore shares amounting to Rs 6,016.78 crore against the issue size of Rs 33 crore.

DroneAcharya Aerial Innovations is a drone start-up company. It was among the first few private players to receive a DGCA (Directorate General of Civil Aviation) certified RPTO (Remote Pilot Training Organization) license in 2022.

Since March 2022, the company trained more than 180 drone pilots. It has rolled out several concise and industry-relevant Drone and GIS courses designed to upskill and empower young Indians to build a new-age career within the drone ecosystem.

DroneAcharya Aerial Innovations is planning to enter the manufacture of customised indigenous drones and offers land and underwater surveying services, which include powerlines and utilities, oil & gas infrastructure, mines and quarries, energy and renewables, roads and highways, urban and rural planning, among others.

DroneAcharya IPO had ran from December 13 to December 15. The scrip got listed on December 23 at a 89 per cent listing premium, joining Phantom Digital Effects, Agni Green Power, Baheti Recycling Industries, Insolation Energy Concord Control Systems and Virtuoso Optoelectronics in terms of strong listing gains.

Data showed the retail portion of DroneAcharya's IPO received a strong response, getting subscribed by 330.75 times at 69.19 crore shares against 20.92 lakh shares on offer.  Of the two other categories, the non-institutional investor category (NII) was subscribed 388.71 times, accounting for over 34.90 crore shares against 8.98 lakh shares on offer. The qualified institutional buyer (QIB) category was subscribed 46.21 times, representing 5.51 crore shares against 11.94 lakh shares on offer.

DroneAcharya Aerial Innovations was incorporated by Prateek Srivastava in 2017. The company provides a complete ecosystem of drone solutions for multi-sensor drone surveys, data processing of Drone and high-configuration hardware for drone delivery, drone-in-a-box solutions for automated survey and surveillance, and drone pilot training, along with GIS data processing.