Agri-Drone Company AITMC Ventures Files DRHP With SEBI

Coromandel Invests INR 150 Cr In Drone Startup Dhaksha To Increase Stake To 58%

SUMMARY

AITMC’s IPO includes a fresh issue of up to 2.07 Cr equity shares and no offer for sale (OFS) element

Founded in December 2016 by Deep Sisai, AITMC offers drone training and other skill development programmes in the agriculture sector

The development comes at a time when the IPO market has started heating up after the lull of 2022. This has also revived IPOs of new-age tech companies

Gurugram-headquartered integrated agri-drone company AITMC Ventures has filed its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) for an initial public offering (IPO) on the NSE’s SME platform, NSE Emerge.

The company’s IPO includes a fresh issue of shares of up to 2.07 Cr equity shares, with a face value of INR 2 each, and no offer for sale (OFS) element.

AITMC plans to use a majority amount from the net proceeds for investment in its subsidiaries – SPH Aviation Private Limited and Famer’s City International Private Limited – for funding new business initiatives. The company also plans to use some amount towards working capital needs.

Founded in December 2016 by Deep Sisai, AITMC offers drone training and other skill development programmes in the agriculture sector. As per its website, the company plans to open 100 drone Centres of Excellence (CoE) in five years as hubs for research, development, training, and testing of drone technology in agriculture across India.

It is a ‘category A’ training partner recognised by the National Skill Development Corporation (NSDC).

As a drone manufacturer, it also plans to sell about 65K-1 Lakh drones by FY29.

AITMC has filed its DRHP months after raising an undisclosed investment from IMK Capital at a valuation of INR 500 Cr.

SKI Capital is the lead book runner for the IPO.

It must be noted that after a severe lull in 2022, the IPO market in India has started gaining traction once again this year. With the sentiment in the overall market improving, new-age tech companies have also started going public.

Among the new-age companies, drone startup ideaForge, online traveltech startup Yatra, and fintech platform Zaggle went for mainboard IPOs, while blockchain and IT development startup Yudiz Solutions got listed on the NSE’s SME platform in the second half of this year.

Meanwhile, D2C major Mamaearth is also set to launch its IPO on October 31.

The negative investor sentiment during the last two years has resulted in SME IPOs gaining more traction. As per Prime Database data, Indian stock exchanges saw 125 SME issues in FY23 as against 71 in the previous year. In FY24, the number already stands at 96.

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