Drone Destination IPO Opens Today, Gains Support From Investors
Drone Destination Limited, an Indian drone-as-a-service (DAAS) firm, has gained significant support from leading investors ahead of its upcoming initial public offering (IPO).
Investors such as Amit Bhartia, Rajasthan Global, and Zulia Zafar, among others, have expressed their interest in the company.
Drone Destination Limited is India’s first DGCA-authorized Drone Training Organisation under Drone Rules 2021.
The IPO of Drone Destination Limited will consist of 68,00,000 equity shares, priced between Rs. 62 and Rs. 65 per share. The total amount raised is projected to be between Rs. 421.6 million and Rs. 442 million.
The IPO will open on July 6 for anchors and on July 7 for other investors, closing on July 13. The company will be listed on the NSE Emerge platform on July 21, 2023.
The interest from high-profile investors like Amit Bhartia and Zulia Zafar reflects the growing global interest in drone technology and bodes well for Drone Destination Limited.
Rajasthan Global and other unidentified investors are also targeting the company for investment, further strengthening its financial outlook.
Drone Destination Limited aims to capitalize on the tremendous potential of the drone sector in India, which is expected to create abundant business and investment opportunities.
The company’s current scenario and growth potential make it an attractive investment option.
The collective investment from esteemed entities promises a robust financial future for Drone Destination Limited and highlights the potential of India’s drone technology sector.
The IPO of Drone Destination Limited has opened for subscription, with a price band of Rs. 62 to Rs. 65 per share. The company aims to raise Rs. 44.20 crore from the public offer.
The IPO is proposed for listing on the NSE SME exchange, with an expected listing date of July 21, 2023. Market observers have noted a premium of Rs. 45 in the gray market for shares of Drone Destination Limited.
Investors are advised to consider applying for the IPO for potential listing gains, given the strong response to SME IPOs in attractive themes such as defense and drones.
The allotment of shares is expected to take place on July 18, 2023. Maashitla Securities Private Limited has been appointed as the registrar of the IPO.