IPO-Bound Drone Destination Limited gains significant support from leading investors
Drone Destination Limited. This rising Drone-as-a-Service (DAAS) firm is India's first DGCA-authorized Drone Training Organisation under Drone Rules 2021, marking a new frontier in the Indian tech industry. Drone Destination Limited recently announced its Initial Public Offering (IPO) of 68,00,000 equity shares, priced between Rs.
62 and Rs. 65 per equity share. This aggregates to a substantial sum of Rs.
421.6 million at the lower price band and Rs. 442 million at the upper price band. A total of 5,00,000 equity shares have been reserved for the subscription by the Market Maker, leaving 63,00,000 equity shares for the “net issue".
This move is projected to result in a significant reshaping of the company's equity share capital, with the issue and the net issue constituting 27.98% and 25.93%, respectively, of the post-issue paid-up equity share capital of the company. The issue is set to open on the 6th of July for the anchors, followed by a broader opening for other investors on the 7th of July. and will be closing on the 13th of July after which the company will be listed on the NSE Emerge platform on the 21st of July 2023 The keen interest of high-profile investors like Amit Bhartia and Zulia Zafar bodes well for the Indian drone company.
Their confidence in Drone Destination Limited is a testament to the company's potential and reflects the growing global interest in drone technology. Rajasthan Global, along with other unidentified ace investors and funds, are also reported to be targeting Drone Destination Limited for investment, further bolstering the company's financial outlook. Narnolia Financial Services Limited is the book-running lead manager of the issue, while Maashitla Securities Private Limited will serve
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