IPO Details

Bidding Dates

06 Jul '23 - 12 Jul '23

Minimum Investment

₹130,000 / 1 Lots ( 2000 Shares)

Price Range

₹62 - ₹65

Maximum Investment

₹130,000 / 1 Lots ( 2000 Shares)

Retail Discount

Not Applicable

Issue Size

₹44.20 Cr

Investor category and sub category

Qualified Institutions Buyers  |   Non-Institutional Buyers  |   Retail Investors   |  

IPO Dates

Important dates with respect to IPO allotment and listing

IPO Opening Date

Jul 6, 2023

IPO Closing Date

Jul 10, 2023

Basis of Allotment

Jul 13, 2023

Initiation of Refunds

Jul 16, 2023

Credit of Shares to Demat Account

Jul 17, 2023

IPO Listing Date

Jul 18, 2023

UPI Mandatory Expiry Date

Jul 10, 2023

IPO Subscription Details

DateQIBNIIRetailTotal

Day 1Jul 6, 2023

 5.54 3.67 13.58 9.16

Day 2Jul 9, 2023

 5.61 18.58 52.51 31.83

Day 3Jul 10, 2023

 6.26 37.32 102.70 61.11

Day 4Jul 11, 2023

 9.77 68.89 161.37 98.20

Day 5Jul 12, 2023

 50.46 243.85 250.09 191.65

IPO Subscription Status Live

Investor Category Subscription (Times)
Qualified Institutions Buyers 50.46
Non-Institutional Buyers 243.85
Retail Investors 250.09
Total 191.65

About Drone Destination Ltd.

Drone Destination Limited is a Drone as a Service and Training Company headquartered in New Delhi, India that specialises in providing comprehensive drone training programs and services. As a DGCA-authorised Remote Pilot Training Organisation (RPTO), the company offers certified training programs at multiple locations across India, enabling individuals to become skilled and certified remote pilots.

Upon successful completion of the training courses, Drone Destination Limited's RPTO generates a Remote Pilot Certificate (RPC) from the DGCA's Digital Sky Platform. This certificate is issued for a specific class and category of drone and remains valid for a maximum period of 10 years in accordance with the Drone Rules of 2021.

To make training more accessible and affordable for aspiring drone pilots, the company also provides skill loans in collaboration with NSDC's affiliate Non-Banking Financial Companies (NBFCs). This initiative aims to remove financial barriers and empower individuals to pursue their passion for drone piloting.

Drone Destination Limited IPO Details

Drone Destination Limited IPO is a 100% fresh issue comprising 68,00,000 shares. The price band is set between ₹62 to ₹65 per share with a face value of ₹10 per share. The lot size is 2000 shares. It will be listed on NSE SME.

Drone Destination Limited IPO Objectives 

The company proposes to use the net proceeds from the issue to meet the following objects:

  • Purchase of new drones.
  • Purchase of vehicle.
  • Capital expenditure.
  • Working capital requirements.
  • General corporate purposes.
  • Issue expenses.

Peer Details

Droneacharya Aerial Innovations Limited is a listed peer operating in the same business line. Considering the nature and turnover of the business of the company the peer is not strictly comparable.

Highlights of Drone Destination Ltd

  • It is the largest Drone Training Network in India, along with its Training Partner IGRUA, and the highest market share in DGCA-certified Drone Pilot Training. 
  • Drone Destination Limited has recently ventured into drone services for "Prime Minister Svamitva Yojna." Under a memorandum of understanding (MOU) with several Geographic Information System (GIS) companies, the company supports the government's initiative to establish clear ownership of property in rural inhabited areas.
  • Drone Destination Limited has already deployed 34 drone pilots and co-pilots to conduct village and large-scale mapping across Uttar Pradesh, Gujarat, and Karnataka. The company's drones have covered an impressive number of 4481 villages as of April 30, 2023, contributing to the successful implementation of Prime Minister Svamitva Yojna.

Company Financials

Financial year ended March 31st, 2023 ended March 31st, 2022 ended March 31st, 2021 (
Revenue from Operations 1,20,722.41 25,646.24 3,917.78
EBITDA 47,025.46 3,995.99 239.40
EBITDA Margin 38.94% 15.54% 6.09%
ROE 13.90% 89.55% 188.49%
Profit After Tax (PAT) 24,419.00 2,073.21 455.95

Know before investing

Strengths

2

  1. Drone Destination is supported exclusively by Hubblefly Technologies, a DGCA-authorised Drone Manufacturing company with a current capacity to manufacture 3000+ drones annually. The drones are available to Drone Destination at the most competitive prices.

  2. The company aims to develop the largest Network of Drone Hubs (150+ locations over the next 05 years) and deliver drone-powered services on rent along with its certified drone force, ensuring the fastest turn-around time and high operational efficiency at affordable costs.

Risks

2

  1. Presently the drone industry is in a nascent stage. If the industry does not experience significant growth, then the company will not be able to achieve its anticipated level of growth.

  2. There are outstanding legal proceedings involving the company as well as its group companies, promoter and Directors. Any adverse outcome of such proceedings may affect Drone Destination’s business, financial condition and reputation.

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Drone Destination Ltd IPO FAQs

What is Drone Destination Limited's IPO?

The Drone Destination Ltd IPO is a fresh issue of 6,800,000 shares. The issue is priced between ₹62 to ₹65 per share. The IPO will open on Friday, 7 July 2023.   

When will Drone Destination Limited's IPO be allotted?

The Basis of Allotment will happen on Friday, 14 July 2023.

When will Drone Destination Limited's IPO open for subscription?

The IPO subscription window will open on Friday, 7 July 2023.

What minimum lot size can retail investors subscribe to?

Retail investors can apply for a minimum of one lot, which consists of 2000 shares.

When will Drone Destination Limited list on exchanges?

Drone Destination Ltd IPO will list on the BSE exchange on Wednesday, 19 July 2023.

How do I check the allotment status of Drone Destination Limited IPO?

Steps to check IPO allotment status on Angel One’s app:

  • Log in to the Angel One app
  • Validate with an OTP
  • Enter your application number, DP ID, and PAN number into the app
  • Click on ‘Submit’

What would be the listing gains on the Drone Destination Limited IPO?

Listing gains cannot be ascertained before the listing of the IPO on the stock exchange, which is Wednesday, 19 July 2023, for Drone Destination Ltd. 

I have finished the application process for the Drone Destination Limited IPO, but the funds still need to be debited. What is the reason?

The bank will only block the amount initially in your account. Under the new system, the money isn’t debited until the stocks are allotted to you. 

How do I approve the UPI mandate request for Drone Destination Limited's IPO?

You must complete the payment process by logging in to your UPI handle and approving the payment mandate.

Can I submit more than one application for the public issue of Drone Destination Limited using one PAN?

You can submit only one application using your PAN card.