Bookbuilding IPO | ₹44 Cr | Listed at NSE SME | Fri, Jul 7, 2023 - Thu, Jul 13, 2023
Drone Destination IPO is a book build issue of ₹44.20 crores. The issue is entirely a fresh issue of 0.68 crore shares of ₹44.20 crore.
Drone Destination IPO bidding started from Jul 7, 2023 and ended on Jul 13, 2023. The allotment for Drone Destination IPO was finalized on Jul 18, 2023. The shares got listed on NSE SME on Jul 21, 2023.
Drone Destination IPO price band is set at ₹65 per share. The lot size for an application is 2,000. The minimum amount of investment required by an retail is ₹1,30,000 (2000 shares) (based on upper price). The minimum lot size for investment in HNI is 2 lots (4,000 shares), amounting to ₹2,60,000.
Narnolia Financial Services Ltd. is the book running lead manager and Maashitla Securities Pvt.Ltd. is the registrar of the issue. The Market Maker of the company areNikunj Stock Brokers Ltd., Share India Securities Ltd..
Refer to Drone Destination IPO RHP for detailed Information.
IPO Open
Fri, Jul 7, 2023
IPO Close
Thu, Jul 13, 2023
Issue Price
₹65 per share
Market Cap (Pre-IPO)
₹157.95 Cr
| IPO Date | 7 to 13 Jul, 2023 |
| Listed on | Fri, Jul 21, 2023 |
| Face Value | ₹10 per share |
| Price Band | ₹62 to ₹65 |
| Issue Price | ₹65 per share |
| Lot Size | 2,000 Shares |
| Sale Type | Fresh capital only |
| Issue Type | Bookbuilding IPO |
| Listing At | NSE SME |
| Total Issue Size | 68,00,000 shares (agg. up to ₹44 Cr) |
| Reserved for Market Maker | 5,00,000 shares Nikunj Stock Brokers Ltd. (agg. up to ₹3 Cr) Share India Securities Ltd. |
| Fresh Issue (Ex Market Maker) | 63,00,000 shares (agg. up to ₹41 Cr) |
| Net Offered to Public | 63,00,000 shares (agg. up to ₹41 Cr) |
| Share Holding Pre Issue | 1,74,99,998 shares |
| Share Holding Post Issue | 2,42,99,998 shares |
| NSE Symbol | DRONE |
| ISIN | INE0P7201019 |
Drone Destination IPO comprises a total issue size of 68,00,000 shares. The net offer to the public is 63,00,000 shares, after excluding 5,00,000 shares allotted on a firm basis. Of the Net offer 31,48,000 (49.97%) are allocated to QIB, 9,46,000 (15.02%) allocated to NII 22,06,000 (35.02%) allocated to RII.
| Investor Category | Shares Offered | % of Net Issue | % of Total Issue |
|---|---|---|---|
| QIB Shares Offered | 31,48,000 | 49.97% | 46.29% |
| − Anchor Investor Shares Offered | 18,88,000 | 27.76% | |
| − QIB (Ex. Anchor) Shares Offered | 12,60,000 | 18.53% | |
| NII (HNI) Shares Offered | 9,46,000 | 15.02% | 13.91% |
| Retail Shares Offered | 22,06,000 | 35.02% | 32.44% |
| Firm Reservations | |||
| Market Maker Shares Offered | 5,00,000 | 7.35% | |
| Total Shares Offered | 68,00,000 | 100.00% | 100.00% |
Investors can bid for a minimum of 2,000 shares and in multiples thereof.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 2,000 | ₹1,30,000 |
| Retail (Max) | 1 | 2,000 | ₹1,30,000 |
| HNI (Min) | 2 | 4,000 | ₹2,60,000 |
Drone Destination IPO raises ₹12.27 crore from anchor investors. Drone Destination IPO Anchor bid date is July 6, 2023.
📝 Anchor Investors Letter (PDF)
| Bid Date | Thu, Jul 6, 2023 |
| Shares Offered | 18,88,000 |
| Anchor Portion (₹ Cr.) | 12.27 |
| Anchor lock-in period end date for 50% shares (30 Days) | Thu, Aug 17, 2023 |
| Anchor lock-in period end date for remaining shares (90 Days) | Mon, Oct 16, 2023 |
Incorporated in 2019, Drone Destination Limited is India's leading Drone as a Service and Training Company. The entity is a DGCA-authorized Remote Pilot Training Organisation (RPTO) offering Certified training programs at multiple locations pan-India.
The company became the first Drone Training Partner of the National Skill Development Corporation (NSDC) in Oct 2022. They have the largest Training network in India in their segment. Drone Destination Limited offers a variety of services including:
Drone Destination has key partnerships with IGRUA, IFFCO, IIT Patna, NSDC, Neo-Geo, and Matrix-Geo. They have More than 80 Clients from Private as well as Government Sectors. The company is a Leading SVAMITVA Player engaging in survey and mapping in India and is reputed as the largest in Karnataka and Gujarat.
The drones offered by the company are marketed under the names - Star Guru, Star Edge, Sky Star, Agristar, Agri Mapper, Star Eye, and Laser Star. All these have their distinct features and entail different requirements of the customers.
| Period Ended | 31 Mar 2023 | 31 Mar 2022 | 31 Mar 2021 |
|---|---|---|---|
| Assets | 23.59 | 2.78 | 0.96 |
| Total Income | 12.08 | 2.57 | 0.39 |
| Profit After Tax | 2.44 | 0.21 | -0.05 |
| NET Worth | 17.57 | 0.23 | 0.02 |
| Reserves and Surplus | 12.57 | 0.12 | -0.09 |
| Total Borrowing | 1.59 | 1.51 | 97.94 |
| Amount in ₹ Crore | |||
The Company proposes to utilise the Net Proceeds from the Issue towards the following objects:
| # | Issue Objects | Est Amt (₹ Cr.) |
|---|---|---|
| 1 | To meet out the expenses for purchase of new drones. | 10.47 |
| 2 | To meet out the expenses for purchase of vehicle | 5.50 |
| 3 | To meet out the Capital Expenditure Requirement. | 2.05 |
| 4 | To meet out the Working Capital requirements | 8.50 |
| 5 | To meet out the General Corporate Purposes; | 11.05 |
| KPI | |
|---|---|
| ROE | 13.90% |
| ROCE | 18.65% |
| Debt/Equity | 0.06 |
| RoNW | 13.90% |
| PAT Margin | 20.22% |
| Pre IPO | Post IPO | |
|---|---|---|
| EPS (₹) | 25.80 | |
| P/E (x) | 64.35 | |
| Promoter Holding | 85.14% | 62.31% |
| Market Cap | ₹157.95 Cr. |
The Drone Destination IPO is subscribed 191.65 times on July 13, 2023 7:29:00 PM (Day 5). The public issue subscribed 250.09 times in the retail category, 50.46 times in the QIB category, and 243.85 times in the NII category. Check Day by Day Subscription Details (Live Status)
| Category | Subscription (times) | Shares Offered | Shares bid for |
|---|---|---|---|
| QIB | 50.46 | 12,62,000 | 6,36,78,000 |
| NII* | 243.85 | 9,45,000 | 23,04,38,000 |
| Retail | 250.09 | 22,05,000 | 55,14,56,000 |
| Total | 191.65 | 44,12,000 | 84,55,72,000 |
Total Application : 2,75,728
*Market Maker portion is not included to NII/HNI.
| # | Issue Expenses | Est Amt (₹ Cr.) |
|---|---|---|
| 1 | Lead manager(s) fees including underwriting commission. | 0.60 |
| 2 | Brokerage, Selling Commission & Upload Fees | 0.23 |
| 3 | Registrars to the Issue | 0.01 |
| 4 | Legal Advisors to the Issue | 0.01 |
| 5 | Roadshows, Printing, advertising and marketing expenses | 0.96 |
| 6 | Others, if any (Advisors to the company, Peer Review Auditors, and other misc. expenses like printing & stationery etc.) | 4.82 |
| Price Details | NSE SME |
|---|---|
| Final Issue Price | ₹65.00 |
| Open | ₹107.45 |
| Low | ₹102.10 |
| High | ₹107.95 |
| Last Trade | ₹102.10 |
Lead Manager Reports
Drone Destination IPO is a SME IPO of 68,00,000 equity shares of the face value of ₹10 aggregating up to ₹44 Crores. The issue is priced at ₹65 per share. The minimum order quantity is 2000.
The IPO opens on Fri, Jul 7, 2023, and closes on Thu, Jul 13, 2023.
Maashitla Securities Pvt.Ltd. is the registrar for the IPO. The shares are proposed to be listed on NSE SME.
Zerodha customers can apply online in Drone Destination IPO using UPI as a payment gateway. Zerodha customers can apply in Drone Destination IPO by login into Zerodha Console (back office) and submitting an IPO application form.
Steps to apply in Drone Destination IPO through Zerodha
Visit Zerodha IPO Application Process Review for more detail.
The Drone Destination IPO opens on Fri, Jul 7, 2023 and closes on Thu, Jul 13, 2023.
Drone Destination IPO lot size is 2000, and the minimum amount required for application is ₹1,30,000.
You can apply in Drone Destination IPO online using either UPI or ASBA as a payment method. ASBA IPO application is available in the net banking of your bank account. UPI IPO Application is offered by brokers who don't offer banking services. Read more detail about applying IPO online through Zerodha, Upstox, 5Paisa, Nuvama, HDFC Bank, and SBI Bank.
The finalization of Basis of Allotment for Drone Destination IPO will be done on Tuesday, July 18, 2023, and the allotted shares will be credited to your demat account by Thu, Jul 20, 2023. Check the Drone Destination IPO allotment status.
The Drone Destination IPO listing date is on Fri, Jul 21, 2023.
