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Drone Destination IPO GMP, Price, Dates & Allotment Details 2023

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
ROE13.90%
ROCE18.65%

Objects of the Issue,

The company proposes utilising the Fresh Issue’s net proceeds towards funding the following objects:

  1. To meet the expenses for the purchase of new drones.
  2. To meet the expenses for the purchase of the vehicle.
  3. To meet the Capital Expenditure Requirement.
  4. To meet the Working Capital requirements.
  5. To meet general corporate purposes.
  6. To meet the Issue Expenses.

Financial Highlights (Restated)

ParticularsFY 2022-23FY 2021-22FY 2020-21
Net Worth1,757232
Total Assets2,35927896
Reserve & Surplus1,25712(9)
Total Borrowings1591519,794
Total Revenue1,20825739
Profit After Tax24421(5)
(Amount in ₹ Lakhs)

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 TypeBook Built Issue IPO
IPO Price₹ 62 to ₹ 65 per share
Face Value₹ 10 per share
Market Lot2,000 Shares
Issue Size6,800,000 shares (aggregating up to ₹ 44.20 crores)
Fresh Issue6,800,000 shares (aggregating up to ₹ [.] crores)
Listing AtNSE SME
Company PromotersMr Chirag Sharma and Ms Shashi Bala

Market Maker detail

Market maker• Nikunj Stock Brokers
• Share India Securities
Market maker portion500,000 shares

IPO Reservation

CategoriesNo. of shares offered
QIB shares offeredNot more than 50% of the net offer
NII (HNI) shares offeredNot less than 15% of the net issue
Retail shares offeredNot 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 DateJuly 7, 2023,
Closing DateJuly 11, 2023
Basis of AllotmentJuly 14, 2023
Initiation of RefundsJuly 17, 2023
A credit of shares to Demat A/cJuly 18, 2023
Listing DateJuly 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.

ApplicationsLotsSharesAmount 
Retail (Minimum)12,000₹ 130,000
Retail (Maximum)12,000₹ 130,000
HNI (Minimum)24,000₹ 260,000

Promoters Holdings 

Pre-issue Shares Holdings85.14%
Post-issue Shares Holdings62.31%

Miscellaneous Information

Download Prospectus (PDF)IPO DRHP
IPO RHP
Company Contact InformationDrone Destination Limited
C-13, Ground Floor, Panchsheel Enclave, Delhi – 110017
Phone: 011-41050607
Email: [email protected]
Website: http://www.thedronedestination.com/
IPO RegistrarMaashitla Securities Private Limited
Phone: +91-11-45121795-96
Email: [email protected]
Website: https://www.maashitla.com/
IPO Lead Manager(s)Narnolia Financial Services Ltd

FAQs

The Drone Destination IPO price is ₹ 62 to ₹ 65 per share.

The minimum investment size is one lot for retail investors. One lot of the Drone Destination IPO contains 2,000 shares of ₹ 130,000.

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.

The Drone Destination IPO shares listing date is July 19, 2023.

The investors’ portion for QIB is 50% of the Net Issue, NII (HNI) is 15% of the net issue, and Retail is 35%.

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