Droneacharya Aerial Innovations SME
Listing performance
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Issue details
- IPO date
- 13 Dec 2022 – 15 Dec 2022
- Listing date
- 23 Dec 2022
- Face value
- ₹10 per share
- Issue price
- ₹54 per share
- Lot size
- 2,000 shares
- Total issue size
- ₹33.97 Cr
- Market cap at offer price
- ₹130 Cr
- Promoter holding
- 38.23% → 28.21% pre-issue → post-issue
- ISIN
- INE0MQD01015
- Registrar
- Bigshare Services Pvt.Ltd.
- Lead managers
- Corporate Capitalventures Pvt.Ltd.
- Registered office
- Cabin No.-10, 5th Floor, IndiQube Penta, New No.51, (Old No.14) Richmond Road, Karnataka
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 | 17,90,000 | — | — |
| Market maker | 3,16,000 | — | — |
Application size
Minimum 2,000 shares per lot, in multiples, at ₹54
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 2,000 | ₹1,08,000 |
| S-HNI (min) | 2 | 4,000 | ₹2,16,000 |
| S-HNI (max) | 9 | 18,000 | ₹9,72,000 |
| B-HNI (min) | 10 | 20,000 | ₹10,80,000 |
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.
Valuation and performance
Valuation at offer price
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 0.35 | — |
| P/E (×) | 154.29 | — |
| Market cap | — | ₹130 Cr |
Key performance indicators
- Return on net worth
- 2.80%
- NAV per share
- ₹12.39
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Droneacharya Aerial Innovations SME
Droneacharya Aerial Innovations Limited was incorporated on March 10, 2017 as a private limited company and converted to a public limited company on August 23, 2022. Headquartered in Pune, Maharashtra, with offices also in Bangalore, the company provides high-end ecosystem drone solutions including multi-sensor drone surveys, drone data processing using robust high-configuration workstations, remote pilot training (DGCA-approved), and specialized GIS training. As of June 30, 2022, the company had 40 employees and had trained 27 DGCA-licensed drone pilots and 8 organizations. The company generates revenue through four broad categories: training, services, surveillance, and others. Its top ten clients accounted for approximately 87.99% of revenue for the period ended June 30, 2022.
Company Analysis
from RHPDroneacharya Aerial Innovations Limited is a drone solutions and services company providing training, drone-as-a-service (DaaS), surveillance, and GIS (Geographic Information System) solutions for multi-sensor drone surveys across India.
Droneacharya Aerial Innovations Limited was incorporated on March 10, 2017 as a private limited company and converted to a public limited company on August 23, 2022. Headquartered in Pune, Maharashtra, with offices also in Bangalore, the company provides high-end ecosystem drone solutions including multi-sensor drone surveys, drone data processing using robust high-configuration workstations, remote pilot training (DGCA-approved), and specialized GIS training. As of June 30, 2022, the company had 40 employees and had trained 27 DGCA-licensed drone pilots and 8 organizations. The company generates revenue through four broad categories: training, services, surveillance, and others. Its top ten clients accounted for approximately 87.99% of revenue for the period ended June 30, 2022.
Objects of the Issue
- Purchase of Drone and other accessories ₹2,798.66 Lakhs p.17
- General Corporate Purposes ₹597.94 Lakhs p.17
- Purchase of Drone and other accessories ₹2,798.66 Lakhs p.80
- General Corporate Expenses ₹597.94 Lakhs p.82
- Fresh issue proceeds - specific uses not detailed in this section ₹3,396.6 Lakhs p.232
Issue Structure
- Total Issue
- ₹3,396.60 Lakhs (62,90,000 Equity Shares)
- Fresh Issue
- 62,90,000 Equity Shares aggregating to ₹3,396.60 Lakhs
- Offer for Sale
- Nil
- Price Band
- ₹52 to ₹54 per Equity Share
- Lot Size
- 2,000 Equity Shares (minimum bid) and multiples of 2,000 thereafter
- Face Value
- ₹10 per Equity Share
Business Model
The company earns revenue through four offerings: (1) Training - DGCA-approved remote pilot training and GIS training; (2) Services - Drone-as-a-Service (DaaS) and data processing; (3) Surveillance - aerial photography, video recording, and surveillance operations; (4) Others - additional drone-related services. Training generated approximately 10% of revenue as of June 30, 2022, while services and surveillance comprise the majority of revenue.
Business Segments
SWOT Analysis
- • Pioneer in drone industry with DGCA licensing for training(p.21)
- • Strong financial recovery with profit growth(p.33)
- • Established client relationships with government and private institutions(p.22)
- • High revenue concentration from top clients indicating strong customer base(p.23)
- • Well-equipped with advanced technology and equipment(p.114)
- • Experienced promoters and technically sound management team(p.114)
- • First Remote Pilot Training Organization in Maharashtra(p.114)
- • DGCA authorization and premier training credentials(p.114)
- • Strong partnership with Rashtriya Raksha University(p.114)
- • Partnership with TATA STRIVE for talent development(p.114)
- • Long-term relationships with marquee clients and repeat business(p.114)
- • Track record of growth and profitability(p.85)
- • Founder recognized as influential entrepreneur with deep technical expertise in drone and GIS technology(p.148)
- • Early mover and pioneer in imbibing drones into Indian services industry(p.130)
- • DGCA authorization as Remote Pilot Training Organisation enabling formal drone training delivery(p.130)
- • Diverse service capabilities across multiple industrial verticals with 10+ domain experience(p.130)
- • Strong financial position with significant cash reserves and improved profitability trajectory(p.191)
- • Full-spectrum drone solutions provider with multi-domain expertise(p.198)
- • Broad industry experience across 10+ sectors(p.198)
- • Recognized as a startup by Government of India(p.211)
- • Strong recent revenue growth and profitability improvement(p.202)
- • Positive profitability with healthy EBITDA margins(p.202)
- • Leased premises with no ownership creating operational vulnerability(p.21)
- • High dependence on key personnel and promoters(p.23)
- • Significant revenue concentration risk from limited customer base(p.23)
- • Small employee base with difficulty retaining skilled personnel(p.22)
- • Promoters retain majority control post-IPO limiting minority shareholder influence(p.24)
- • High working capital and manpower costs(p.120)
- • Need for upgradation of technical team knowledge(p.120)
- • Dependency on promoters and key managerial personnel(p.120)
- • Limited operational history with company incorporated only in 2017(p.161)
- • Concentration of shareholding with founder holding 31.77% and top shareholders controlling 71.15% of equity(p.140)
- • Single business segment exposure without geographic diversification(p.167)
- • Heavy dependence on founder with managing director also serving as key managerial personnel(p.148)
- • No formal dividend policy and no dividends declared to date(p.153)
- • Significant dependence on top 10 customers(p.204)
- • Very early stage business with minimal operational history(p.203)
- • Employee cost increasing significantly as percentage of revenue(p.203)
- • Massive growth potential in nascent Indian drone industry(p.16)
- • Government support for drone manufacturing and Make-in-India initiative(p.16)
- • Expanding applications across multiple sectors(p.16)
- • Long-term market potential with significant GDP contribution forecast(p.16)
- • Expansion of training services with growing market demand(p.23)
- • Development of drone corridors for cargo deliveries(p.120)
- • Expanding opportunities in agriculture, mining, and defense sectors(p.120)
- • Rapid growth potential in nascent Indian drone market(p.101)
- • Government incentives through PLI scheme(p.98)
- • Expansion through geographic reach and new RPTOs(p.120)
- • Growing demand for skilled drone pilots and GIS professionals in Indian market(p.134)
- • Strategic collaborations with government institutions and corporates to expand reach(p.134)
- • Expansion into employment generation through skill development partnerships(p.134)
- • Diversified service portfolio spanning surveying, data processing, pilot training and drone manufacturing(p.130)
- • Diverse service offerings across multiple industrial sectors(p.198)
- • Potential to hire specialized talent as the company scales(p.204)
- • Migration potential to main board listing(p.229)
- • Rapid technological changes could render current technology obsolete(p.22)
- • Intense competition from larger domestic and foreign competitors(p.22)
- • Regulatory changes could adversely impact operations(p.29)
- • Lockdowns and suspension of commercial operations disrupt field execution(p.23)
- • Dependence on contractual arrangements subject to client termination(p.21)
- • Vulnerability to natural calamities and infrastructure disruptions(p.30)
- • Exposure to counterparty credit risk and payment delays from clients(p.26)
- • Shortage of skilled talent in drone industry(p.120)
- • Rapidly changing technology and obsolescence risk(p.120)
- • High competitive intensity in the market(p.120)
- • Risk of lockdown and business suspension(p.120)
- • Regulatory uncertainty in drone operations and training as industry standards evolve(p.130)
- • Intense competition from established players and new entrants in drone services and training(p.130)
- • Dependence on foreign technology and equipment through resale arrangements(p.130)
- • Economic cyclicality and project-based revenue model creating revenue volatility(p.158)
- • Dependence on country's economic situation and inflation(p.204)
- • Volatility in capital markets affects financing and valuations(p.199)
- • Competition from existing and potential competitors(p.204)
- • Regulatory and policy changes in India and foreign countries(p.199)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Mr. Prateek Srivastava | Promoter | 31.77% | 23.44% |
| Mrs. Nikita Srivastava | Promoter | 6.46% | 4.77% |
| Prateek Srivastava | Promoter | 31.77% | 23.44% |
| Nikita Srivastava | Promoter | 6.46% | 4.77% |
| Prateek Srivastava | Promoter | 31.77% | — |
| Nikita Srivastava | Promoter | 6.46% | — |
| Mr. Prateek Srivastava | Promoter | — | — |
Leadership
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.