Drone Destination Limited brings its IPO on the 7th of July, To be listed on NSE Emerge platform
D
rone Destination Limited, a Drone-as-a-Service (DAAS) company and India's first DGCA-authorized Drone Training Organisation under Drone Rules 2021, brings its IPO for 68,00,000 equity shares of Rs.
10 each at a cash price band of Rs. 62 to Rs. 65 per equity share, aggregating to Rs. 421.6 million at the lower price band and Rs. 442 million at the upper price band. Out of 68,00,000 equity shares, 5,00,000 equity shares will be reserved for the subscription by the Market Maker. The remaining 63,00,000 equity shares will constitute the "net issue". The issue and the net issue will constitute 27.98% and 25.93% respectively of the post issue paid up equity share capital of the company. The issue opens on the 6th July for the anchors and on the 7th July for others. The issue closes on the 13th of July. The company will subsequently be listed on the NSE Emerge platform. The book running lead manager to the issue is Narnolia Financial Services Limited and the registrar to the issue is Maashitla Securities Private Limited.
The key objects of the issue are as follows
1. Purchase of new drones and accessories
2. Purchase of 100 Maruti EECO (5 Seater)
3. To meet the Capital Expenditure Requirement
4. To meet the Working Capital requirements
5. To meet out the General Corporate Purposes
6. To meet the Issue Expenses
Drone Destination Limited has trained the highest number of DGCA-certified Drone Pilots in India along with its partners IGRUA, the largest FTO of India under Ministry of Civil Aviation. The company is backed by a well-experienced team of aviation and technology experts with a total experience of over 350 years. The company's training centres are located at 10 locations across India - Gurugram, Bangalore, Coimbatore, Chandigarh, Ahmedabad, Phulpur, Dharamshala, Gwalior and Madurai, with its headquarters at New Delhi. It is authorised by the Government of India to conduct key "Train the Trainer Programs".
Drone Destination Limited currently operates as a Drone As A Service (DAAS) and Training and Education provider. Its new verticals include Rent-A-Drone, Agricultural Services and Drone Sports. It is backed by Hubblefly Technologies, with extensive drone manufacturing capabilities. The key clients of the company include Reliance Industries Limited, Airbus, IFFCO, Tata, Aditya Birla group, Asteria Aerospace, Syngenta and many more. Drone Destination, with its GIS partners, plays an important role in execution of flagship government projects like Prime Minister "Svamitva Yojana" and other survey and mapping services with strong presence in Karnataka, Gujarat and Uttar Pradesh.
The Indian drone industry is forecasted to have a market size USD 40 billion by 2030, growing at a CAGR of 37%. Drones find usage across a variety of industries such as precision agriculture and farming, energy sector, mining, disaster management, film and media industry, sea ports, oil and gas industry and others. The drone industry is supported by various government initiatives such as the PLI Scheme, liberalised drone rules, ban on imports and the new GIS policy. SVAMITVA and SMAM are the two key schemes of Government of India which magnify the use of drones.
Drone Destination Limited has recorded impressive financial growth over the years. Its total revenue stood at Rs 1207.22 lakhs for FY23, while it stood at Rs 256.46 lakhs for FY22 and Rs 39.18 lakhs for FY21. It registered an EBITDA of Rs 470.25 lakhs for FY23, which was Rs 39.36 lakhs for FY22. PAT stood at Rs 244.19 lakhs for FY23, while it was Rs 20.73 lakhs for FY22.
Chirag Sharma and Shashi Bala are the promoters of the company.
(Disclaimer The above press release has been provided by PNN. ANI will not be responsible in any way for the content of the same)
✔️ Drone Destination Limited brings its IPO on the 7th of July, To be listed on NSE Emerge platform
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