Drone Destination IPO GMP, Price, Dates & Allotment Details 2023
Introduction
The Drone Destination IPO will open on July 7 and close on July 11, 2023. As per the DRHP filed with SEBI, the company intends to raise approximately ₹ 44.20 crores through this public offering, consisting of 68 lakhs shares with a face value of ₹ 10 each, which will be issued at a price of ₹ 62 to ₹ 65 per share.
Drone Destination Limited (“the Company”)
Incorporated in 2019. Drone Destination Limited is a DGCA-authorized Remote Pilot Training Organization (RPTO) offering Certified training programs at multiple locations across India. As of May 3, 2023, this company has trained 362 drone pilots in India for whom a Remote Pilot Certificate has been issued by Drone Destination Limited.
Further, in October 2020, Indira Gandhi Rashtriya Uran Akademi (IGRUA) agreed with Drone Destination to provide DGCA-certified Drone Training. IGRUA and Drone Destination are currently imparting training at seven of their DGCA-authorized Drone Training Bases in Gurugram, Bangalore, Gwalior, Kangra, Coimbatore, Madurai, and Bhopal.
As of May 3, 2023, the company, along with IGRUA, has trained 932 drone pilots in India for whom a Remote Pilot Certificate is issued by the Indira Gandhi Rashtriya Uran Akademi.
Noteworthy Highlight
- Drone Destination Limited became the first Drone Training Partner of the National Skill Development Corporation (“NSDC”) in Oct. 2022.
- Recently, the company has started its drone services for “Prime Minister Svamitva Yojna” in an MOU-led understanding with several GIS companies.
Company Key Metrics
| Earning Per Share (EPS) | ₹ 25.80 per Equity Share |
| ROE | 13.90% |
| ROCE | 18.65% |
Objects of the Issue,
The company proposes utilising the Fresh Issue’s net proceeds towards funding the following objects:
- To meet the expenses for the purchase of new drones.
- To meet the expenses for the purchase of the vehicle.
- To meet the Capital Expenditure Requirement.
- To meet the Working Capital requirements.
- To meet general corporate purposes.
- To meet the Issue Expenses.
Financial Highlights (Restated)
| Particulars | FY 2022-23 | FY 2021-22 | FY 2020-21 |
|---|---|---|---|
| Net Worth | 1,757 | 23 | 2 |
| Total Assets | 2,359 | 278 | 96 |
| Reserve & Surplus | 1,257 | 12 | (9) |
| Total Borrowings | 159 | 151 | 9,794 |
| Total Revenue | 1,208 | 257 | 39 |
| Profit After Tax | 244 | 21 | (5) |
IPO details
As per the DRHP filed with SEBI, 68 lakh shares will be offered as a fresh issue in the NSE SME segment. The face value of the shares is ₹ 10. The market maker would receive 5 lakhs shares of the offering. While Narnolia Financial Services Ltd will be the lead manager for the IPO, Maashitla Securities Private Limited will be the registrar. It will be a book-built issue, so there will be a price band rather than a price point, and the actual issue price will be discovered by building the book.
| Issue Type | Book Built Issue IPO |
| IPO Price | ₹ 62 to ₹ 65 per share |
| Face Value | ₹ 10 per share |
| Market Lot | 2,000 Shares |
| Issue Size | 6,800,000 shares (aggregating up to ₹ 44.20 crores) |
| Fresh Issue | 6,800,000 shares (aggregating up to ₹ [.] crores) |
| Listing At | NSE SME |
| Company Promoters | Mr Chirag Sharma and Ms Shashi Bala |
Market Maker detail
| Market maker | • Nikunj Stock Brokers • Share India Securities |
| Market maker portion | 500,000 shares |
IPO Reservation
| Categories | No. of shares offered |
|---|---|
| QIB shares offered | Not more than 50% of the net offer |
| NII (HNI) shares offered | Not less than 15% of the net issue |
| Retail shares offered | Not less than 35% of the net issue |
GMP: Drone Destination IPO
GMP, or grey market premium, is available on this page. The IPO GMP is updated on a day-to-day basis during the running period of the IPO, due to which the GMP rates fluctuate and stabilise after some time. GMP rates are not 100% guaranteed. Please click here for GMP details.
Tentative Dates: Drone Destination IPO
The issue opens for subscription on July 7, 2023, and closes for subscription on July 11, 2023 (both days inclusive). The basis of allotment will be finalised on July 14, 2023, and the refunds will be initiated on July 17, 2023. In addition, the demat credits are expected to happen on July 18, 2023, and the stock will be listed on the NSE SME on July 19, 2023. The UPI mandate confirmation cut-off time is 5:00 PM on the issue closing day.
| Opening Date | July 7, 2023, |
| Closing Date | July 11, 2023 |
| Basis of Allotment | July 14, 2023 |
| Initiation of Refunds | July 17, 2023 |
| A credit of shares to Demat A/c | July 18, 2023 |
| Listing Date | July 19, 2023 |
Lot Size
The lot size of the Drone Destination IPO is 2,000 shares. A retail-individual investor can apply for up to 1 lot, i.e. 2,000 shares of ₹ 130,000.
| Applications | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Minimum) | 1 | 2,000 | ₹ 130,000 |
| Retail (Maximum) | 1 | 2,000 | ₹ 130,000 |
| HNI (Minimum) | 2 | 4,000 | ₹ 260,000 |
Promoters Holdings
| Pre-issue Shares Holdings | 85.14% |
| Post-issue Shares Holdings | 62.31% |
Miscellaneous Information
| Download Prospectus (PDF) | IPO DRHP IPO RHP |
| Company Contact Information | Drone Destination Limited C-13, Ground Floor, Panchsheel Enclave, Delhi – 110017 Phone: 011-41050607 Email: cosec@thedronedestination.com Website: http://www.thedronedestination.com/ |
| IPO Registrar | Maashitla Securities Private Limited Phone: +91-11-45121795-96 Email: ipo@maashitla.com Website: https://www.maashitla.com/ |
| IPO Lead Manager(s) | Narnolia Financial Services Ltd |
FAQs
What is Drone Destination’s IPO price?
The Drone Destination IPO price is ₹ 62 to ₹ 65 per share.
What minimum lot size can retail investors subscribe to?
The minimum investment size is one lot for retail investors. One lot of the Drone Destination IPO contains 2,000 shares of ₹ 130,000.
When will the Drone Destination IPO allotment be available?
The finalisation of the basis of allotment for the Drone Destination IPO will be done on July 14, 2023, and the allotted shares will be credited to your demat account by July 18, 2023. Check the Drone Destination IPO allotment status.
When will the Drone Destination IPO list on exchanges?
The Drone Destination IPO shares listing date is July 19, 2023.
How many Drone Destination IPO Offer shares are reserved for HNIs and retail investors?
The investors’ portion for QIB is 50% of the Net Issue, NII (HNI) is 15% of the net issue, and Retail is 35%.
