Drone Destination IPO: GMP, subscription status on day 5, and other key detail
₹62 to ₹65 per equity share and the share will be listed on the NSE SME exchange Friday, July 21.With its public offering, the country's drone service provider hopes to generate ₹44.20 crore. The IPO is is entirely a fresh issue of equity shares aggregating up to 68 lakh equity shares of face value of ₹10 each. There is no offer for sale (OFS) component.
New drone purchases, capital investments, and other general company purposes will be funded with the public offering's net proceeds. 15% of the offer is set aside for non-institutional investors, 50% is allocated to qualified institutional buyers, and the remaining 35% is allocated to retail investors.On Friday, July 14, the final allocation will take place. Longview Research and Advisory and PLS Capital Consultants Pvt Ltd have been appointed as the issue's advisors, and Narnolia Financial Services Limited has been chosen the issue's lead manager.
As the official registrar of the NSE SME IPO, Maashitla Securities Private Limited has been appointed. For the year ending March 2023, the company has recorded revenues of ₹12.07 crore and net profit of ₹2.44 crore. The SME initial public offering (IPO) of Drone Destination Ltd was subscribed 189.66 times on day 5.
The issue received positive response from retail investors who's portion set was subscribed 246.18 times, followed by non-institutional bidders (NIIs) and qualified institutional buyer (QIBs) portion set was subscribed 243.69 times and 50.46 times, respectively, according to data on chittorgarh.com. The company has received bids for 83,67,82,000 shares against 6,800,000 shares on offer, according to data on chittorgarh.com, at 16:01 IST. On day 1, the issue was subscribed 9.16 times, on day 2 was subscribed 32.13
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