DroneAcharya Shares Hit Upper Circuit Of 10% On Friday, Up 79% From Listing Price

SUMMARY

Shares of DroneAcharya witnessed a sharp rally this week, touching new highs in all five sessions

DroneAcharya shares hit the 10% upper circuit on Friday to end the day at INR 182.5 on the BSE

Shares of the drone startup listed on the BSE SME platform last month at INR 102 apiece, a premium of 90% to its issue price

Shares of recently-listed drone startup DroneAcharya witnessed a sharp rally this week, touching new highs in all five sessions. The shares hit the upper circuit of 10% on Friday, ending the day at INR 182.5 on the BSE.

Shares of DroneAcharya, which got listed on the BSE SME platform on December 23 at INR 102 apiece, a premium of almost 90% to its issue price, have been on the rise since the listing. The shares are currently trading 79% higher than their listing price.

Founded by Prateek Srivastava in 2017, DroneAcharya was one of the first private players to receive a Directorate General of Civil Aviation (DGCA) certified Remote Pilot Training Organisation (RPTO) licence in 2022.

The startup provides a complete ecosystem of drone solutions for multi-sensor drone surveys, data processing of drone and robust 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, Python coding, and various industry-specific courses. It also plans to manufacture customised fully-indigenous drones in India.

DroneAcharya’s IPO was oversubscribed 262X and saw a strong demand from both high net-worth individuals (HNIs) and retail investors. While the portion for non-institutional investors (NIIs) was subscribed 388X, that for qualified institutional buyers (QIBs) was subscribed over 46X.

The startup’s IPO was launched on December 13 with 62.9 Lakh shares on offer in the price range of INR 52-54 per share. It was looking to raise about INR 34 Cr through the fresh issue of shares but received bids to the tune of INR 6,016 Cr.

DroneAcharya is backed by Bollywood celebrities like Aamir Khan, Ranbir Kapoor, and ace market investor veteran Shankar Sharma.

The rise in the drone startup’s share price comes amid a significant slump in the overall tech stock segment. From Zomato to Nykaa, Paytm to PB Fintech, a majority of the new-age tech stocks fell between 30% and 70% in 2022.