Drone Destination
Book Building issueSME₹44.20 Cr issue
+65.31%
Listing gain over issue price
Issue size
₹44.20 Cr
1 lot at cut-off
₹1,30,000
Lot size
2,000shares
Open
07 Jul 2023
Close
13 Jul 2023
Allotment
18 Jul 2023
Listing
21 Jul 2023
Listing performance
Issue price
₹65
Listed at
₹107.45
Listing-day close
₹102.10
Latest price
₹32.15
Close on 23 Oct 2026
Listing gain
+65.31%
Return since issue
-50.54%
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Issue details
- IPO date
- 07 Jul 2023 – 13 Jul 2023
- Listing date
- 21 Jul 2023
- Face value
- ₹10 per share
- Issue price
- ₹65 per share
- Lot size
- 2,000 shares
- Issue type
- Book Building issue
- Total issue size
- ₹44.20 Cr
- Market cap at offer price
- ₹158 Cr
- Promoter holding
- 85.12% → 61.30% pre-issue → post-issue
- ISIN
- INE0P7201019
- Registrar
- Maashitla Securities Pvt.Ltd.
- Lead managers
- Narnolia Financial Services Ltd.
- Registered office
- C-13, Ground Floor, Panchsheel Enclave, New Delhi
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| Anchor investor · within QIB | 18,88,000 | — | — |
| Market maker | 5,00,000 | — | — |
Application size
Minimum 2,000 shares per lot, in multiples, at ₹65
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 2,000 | ₹1,30,000 |
| S-HNI (min) | 2 | 4,000 | ₹2,60,000 |
| S-HNI (max) | 7 | 14,000 | ₹9,10,000 |
| B-HNI (min) | 8 | 16,000 | ₹10,40,000 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Anchor investors
Institutional allocation placed a day before the issue opens, carved out of the QIB portion and locked in after listing.
Shares allocated
18,88,000
Anchor portion
₹12.27 Cr
at ₹65 per share
Valuation and performance
Valuation at offer price
₹65 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 25.80 | — |
| P/E (×) | 2.52 | — |
| Market cap | — | ₹158 Cr |
Key performance indicators
Latest reported period
- Return on net worth
- 13.90%
- ROCE
- 18.65%
- Debt / equity
- 0.06
- PAT margin
- 20.22%
- NAV per share
- ₹35.15
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Drone Destination
Drone Destination Limited, incorporated on May 10, 2019 and converted to a public company on May 4, 2023, is a DGCA-authorized Remote Pilot Training Organisation (RPTO) offering certified drone pilot training programs. The company operates training bases in Gurugram, Chandigarh, and Phulpur, and has partnership agreements with Indira Gandhi Rashtriya Uran Akademi (IGRUA) to expand training reach across India. Recently, the company began offering drone services for the Prime Minister Svamitva Yojana, a Government of India initiative for property mapping in rural areas. Revenue is generated primarily from DGCA-approved remote pilot training (51.47% of FY2023 revenue) and survey and mapping services (47.42% of FY2023 revenue), with smaller contributions from drone surveillance and consultancy services.
Company Analysis
from RHPDrone Destination Limited is a DGCA-authorized Remote Pilot Training Organization providing certified drone pilot training and drone-based survey and mapping services in India.
Drone Destination Limited, incorporated on May 10, 2019 and converted to a public company on May 4, 2023, is a DGCA-authorized Remote Pilot Training Organisation (RPTO) offering certified drone pilot training programs. The company operates training bases in Gurugram, Chandigarh, and Phulpur, and has partnership agreements with Indira Gandhi Rashtriya Uran Akademi (IGRUA) to expand training reach across India. Recently, the company began offering drone services for the Prime Minister Svamitva Yojana, a Government of India initiative for property mapping in rural areas. Revenue is generated primarily from DGCA-approved remote pilot training (51.47% of FY2023 revenue) and survey and mapping services (47.42% of FY2023 revenue), with smaller contributions from drone surveillance and consultancy services.
drone training and certificationaerial survey and mappingdrone surveillance servicesdrone consultancyagricultural technology
Objects of the Issue
- Purchase of new drones ₹1,00,000.00 thousand p.26
- Purchase of vehicle ₹55,000.00 thousand p.26
- Capital Expenditure ₹35,000.00 thousand p.26
- Working Capital Requirement ₹85,000.00 thousand p.26
- General Corporate Purposes Not exceeding 25% of gross proceeds p.26
- Issue Expenses p.26
- Purchase of new drones ₹1,00,000.00 thousand p.83
- Purchase of vehicle ₹55,000.00 thousand p.83
- Capital Expenditure ₹20,450.00 thousand p.83
- Working Capital requirements ₹85,000.00 thousand p.83
- General corporate purposes p.83
- Issue Expenses ₹10,000.00 thousand (already incurred as of May 15, 2023) p.83
- — p.267
Issue Structure
- Total Issue
- 68,00,000 Equity Shares of face value ₹10 each, aggregating to ₹[●] Lakhs
- Fresh Issue
- 68,00,000 Equity Shares of face value ₹10 each
- Offer for Sale
- NIL
- Price Band
- ₹[●] to ₹[●] per Equity Share (Floor Price and Cap Price not specified in this part)
- Lot Size
- Bid Lot size to be decided and advertised at least two working days prior to bid opening
- Face Value
- ₹10 per Equity Share
Business Model
The company generates revenue through: (1) DGCA-certified remote pilot training programs offered at its own training centers and through partnerships with IGRUA and Sanskardham Academy; (2) drone-based survey and mapping services for government schemes such as SVAMITVA and Large Scale Mapping through partnerships with GIS companies (MatrixGeo, NeoGeo, GeoKno); (3) drone surveillance services; and (4) drone consultancy services. The company is also the first Drone Training Partner of the National Skill Development Corporation (NSDC) and offers skill loans through banking partners.
Business Segments
DGCA-certified remote pilot training programs offered at training bases in Gurugram, Chandigarh, Phulpur and through partnerships with IGRUA and Sanskardham Academy across India. Generates Remote Pilot Certificate (RPC) from DGCA's Digital Sky Platform. Also the first Drone Training Partner of NSDC offering certification through Skill India Portal.
Drone-based survey and mapping services for government schemes such as Prime Minister Svamitva Yojana and Large Scale Mapping (LSM). Services delivered through partnerships with GIS companies (MatrixGeo, NeoGeo, GeoKno) for property mapping and Record of Rights generation in rural areas.
Drone-based surveillance and monitoring services.
Consultancy services related to drone operations and applications.
DGCA-certified drone pilot training programs (5-7 day courses), DGCA-authorized Train the Trainer drone instructor courses (9 days), and NSDC-jointly certified application-based training in drone survey operations, agricultural spray operations, and asset inspection (powerline inspection).
Geo-spatial data solutions including capturing precise georeferenced imagery, creating 2-D maps and digital elevation models, GCP installation and baseline processing, and providing scheduled and on-demand aerial data collection for ground mapping and site planning. Deployed for SVAMITVA scheme across rural areas.
Advanced surveillance and monitoring solutions using drones equipped with advanced zoom cameras and IR sensors for high-definition day and night-vision video footage. Services include periodic patrolling of assets and remote areas, aerial surveillance, homeland security, encroachment detection, search and rescue, disaster management, incident response, traffic monitoring, and crowd management.
Provision of Remote Pilot Training as authorized RPTO under DGCA guidelines for training individuals seeking Remote Pilot Certificate
Drone data capturing, processing, and analysis for survey and mapping applications; provision of drone consultancy services
Manufacturing, trading, and repair of various drone types and flight controllers; development of drone-related technology
DGCA-certified Remote Pilot training programs generating Remote Pilot Certificates from DGCA's Digital Sky Platform, delivered through company's own training bases and IGRUA partnerships across multiple cities, and through NSDC Skill India Portal
Drone-based land survey and mapping services under Prime Minister Svamitva Yojana for mapping property parcels and providing Record of Rights and digital property cards to rural household owners
Drone-based surveillance services for monitoring and data collection applications
Consultancy services related to drone operations, applications, and technology implementation
SWOT Analysis
Strengths
- • DGCA-authorized Remote Pilot Training Organisation with certified programs(p.25)
- • Established training footprint across India through owned and partnership bases(p.25)
- • First Drone Training Partner of National Skill Development Corporation(p.25)
- • Revenue diversification into government schemes (SVAMITVA program)(p.25)
- • Strong revenue growth trajectory(p.38)
- • Largest drone pilot training network in India with highest market share(p.126)
- • Strategic partnerships with government entities and major educational institutions(p.126)
- • Owned fleet of drones and vehicles providing operational control(p.128)
- • Backed by drone manufacturer with OEM support and competitive pricing(p.128)
- • Strong experienced management team with deep aviation industry background(p.128)
- • First drone training partner of National Skill Development Corporation(p.119)
- • Active participation in government flagship SVAMITVA scheme with deployed pilots(p.119)
- • RPTO authorization from DGCA enables structured drone training delivery(p.145)
- • Multiple training centers across geographies (Haryana, Karnataka, Delhi)(p.142)
- • Promoter group has established aviation business experience across airline, MRO, and flight support services(p.160)
- • Strong revenue growth from FY 2021 to FY 2023(p.202)
- • Profitability achieved with PAT of Rs. 24,419 thousand in FY 2023(p.202)
- • Trademark applications filed for brand protection across multiple classes(p.142)
Weaknesses
- • High dependence on group company for drone supply with no identified alternative sources(p.31)
- • Outstanding tax proceedings against promoter for significant amount(p.33)
- • Significant working capital requirements and negative cash flows from investing activities(p.35)
- • No owned premises; dependent on leasehold arrangement from promoter(p.35)
- • Non-compliance with Stamp Act 1899 regarding equity shares(p.32)
- • Multiple delayed statutory filings under GST, EPF, and Companies Act(p.33)
- • Promoter holds controlling majority stake post-IPO(p.39)
- • Heavy dependence on single major customer for services revenue(p.139)
- • High concentration in single creditor - Hubblefly Technologies(p.138)
- • Limited geographic revenue diversification with high concentration in Haryana(p.137)
- • Small employee base limiting operational capacity(p.141)
- • High concentration of shareholding with co-founder Ms. Shashi Bala holding 74.28% pre-issue(p.164)
- • Significant reliance on group entities and related party transactions for operations(p.180)
- • Multiple group entities showing financial losses and negative net worth(p.183)
- • Lease dependency for all training center properties with operational risk(p.142)
- • Short operating history with limited track record; company only 4 years old at IPO(p.151)
- • Significant increase in short-term borrowings indicating working capital pressure(p.210)
- • Significant tax litigation against promoters with unresolved demands(p.245)
- • High leverage in earlier periods, though improved(p.226)
- • Negative cash flow and losses in FY 2021(p.238)
- • Bad debts written off in FY 2023(p.224)
- • Related party dependence and transactions(p.227)
Opportunities
- • Rapid growth potential in nascent Indian drone industry(p.25)
- • Government support through policies and schemes for drone sector(p.25)
- • Significant market opportunity through government-dominated sectors(p.25)
- • Expansion of training services through strategic partnerships with NSDC and educational institutions(p.25)
- • Growth in Survey and Mapping services from government initiatives(p.25)
- • Massive government demand for drones through multiple ministries and schemes(p.113)
- • High growth potential in agriculture drone services with government support(p.112)
- • Expansion of drone training network across India via partnership model(p.129)
- • Launch of new high-value drone service verticals including precision agriculture(p.129)
- • Large untapped potential in agricultural drone services market(p.130)
- • Expected rapid growth in global drone market with India as key growth region(p.105)
- • Growing adoption of drone technology across industries with regulatory framework established(p.144)
- • Collaboration with premier institutions expanding training reach and credibility(p.156)
- • Expansion of drone applications beyond training into drone services and consultancy(p.153)
- • Government focus on drone technology for agriculture and survey applications(p.142)
- • International expansion opportunity given global drone market growth(p.153)
- • Rapid expansion of training revenue and geographic presence(p.235)
- • New revenue streams from government drone mapping schemes(p.231)
- • National Skill Development Corporation partnership for scaled delivery(p.231)
- • Entry into survey, mapping and surveillance services(p.235)
- • Multiple DGCA authorizations enabling expansion(p.254)
Threats
- • Highly regulated industry subject to DGCA license renewal requirements(p.30)
- • Drone operations not feasible during monsoon season impacting revenue(p.32)
- • Cyber-attack vulnerability with sensitive customer data at risk(p.31)
- • Government policy changes could eliminate industry support mechanisms(p.38)
- • Global economic slowdown and high inflation affecting demand(p.46)
- • COVID-19 pandemic impact on supply chains and operations(p.45)
- • Import restrictions on UAVs affecting sourcing of drone components(p.31)
- • Dependence on GIS partners for government tender opportunities(p.37)
- • Intense competition from established listed drone companies(p.132)
- • Regulatory restrictions and complexities in drone operations(p.106)
- • Global economic slowdown reducing demand(p.102)
- • Technological obsolescence risk due to rapid drone technology evolution(p.129)
- • Reliance on government schemes that may be subject to policy changes(p.119)
- • Currency and macroeconomic volatility affecting Indian economy(p.110)
- • Regulatory changes to drone rules could impact business model and RPTO authorization(p.144)
- • Dependence on discretionary DGCA approvals and licensing for operations(p.145)
- • Competition from established aviation training organizations and new entrants(p.144)
- • Lease termination risk affecting training center operations and RPTO authorization(p.145)
- • Rapid technological changes in drone and aviation technology could impact training curriculum relevance(p.153)
- • Economic cyclicality and discretionary spending cuts could reduce drone training demand(p.144)
- • Litigation against group company with regulatory and CBI involvement(p.247)
- • Significant tax disputes involving group companies with large demands(p.249)
- • Regulatory risks in emerging drone industry sector(p.232)
- • Dependence on large contractual payments to IGRUA(p.224)
- • High concentration of revenue from training services(p.235)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Mr. Chirag Sharma | Promoter | 10.70% | 7.71% |
| Ms. Shashi Bala | Promoter | 74.28% | 53.49% |
| Chirag Sharma | Promoter | 10.70% | 7.71% |
| Shashi Bala | Promoter | 74.28% | 53.49% |
| Kapil Rana | Promoter Group | 0.02% | 0.01% |
| Renu Bassi | Promoter Group | 0.06% | 0.04% |
| Nidhi Sharma | Promoter Group | 0.04% | 0.03% |
| Vivek Sharma | Promoter Group | 0.04% | 0.03% |
| Chirag Sharma | Promoter | 10.7% | 7.71% |
| Shashi Bala | Promoter | 74.28% | 53.49% |
| Chirag Sharma | Promoter/Managing Director | — | — |
| Shashi Bala | Promoter/Director | — | — |
Leadership
Mr. Chirag Sharma · Managing Director
Ms. Shashi Bala · Director
Ms. Ayushi Gupta · Company Secretary & Compliance Officer
Mr. Arun Kumar · Chief Financial Officer
Auto-extracted from the company's RHP using AI, with each fact linked to its source passage (hover any row to see the quote & page). Provided for research only, not investment advice — verify against the official RHP before relying on it.
Drone Destination IPO FAQs
What is the lot size of Drone Destination IPO?
The minimum lot size of Drone Destination IPO is 2,000 shares. One lot costs ₹1,30,000 at the cut-off price.
When does Drone Destination IPO open and close?
Drone Destination IPO opened for subscription on 07 Jul 2023 and closed on 13 Jul 2023.
What is the listing date of Drone Destination IPO?
Drone Destination IPO listed on 21 Jul 2023.