Drone Destination, established on May 10, 2019, is an authorized remote pilot training organization approved by the DGCA. The company provides certified training programs at various locations across India.
| Bidding Dates |
|---|
| 07 Jul 2023 - 13 Jul 2023 |
| Subscription |
|---|
| 124.42x Oversubscribed |
| Minimum Investment | Minimum Lot | Maximum Lot | Lot Size | Number of Shares | Issue Price Band | Post Issue Promoter Holding % | Issue Size | IPO Document |
|---|---|---|---|---|---|---|---|---|
| ₹1,30,000 | 1 | 1 | 2000 | 6.8 M | ₹62 - ₹65 | 72.02 % | ₹421.6 M - ₹442.0 M | RHP DOC |
Drone Destination IPO SUBSCRIPTION STATUS
13 Jul '23Drone Destination IPO overall subscription rate was 124.42 times the total available shares
Drone Destination IPO retail subscription rate was 231.7 times in the retail segment
Drone Destination IPO non-institutional investor subscription rate was 226.41 times in the non-institutional investor category
Drone Destination IPO Qualified Institutional Bidder subscription rate was 18.73 times the available shares for Qualified Institutional Bidder
| Day | Retail Individual Investor | HNI (NII) Investors | Qualified Institutional Buyers |
|---|---|---|---|
| Category Reservation | 35% | 15% | 50% |
13 Jul 2023 (Day 5) | 231.7x | 226.41x | 18.73x |
12 Jul 2023 (Day 4) | 148.62x | 64.17x | 3.63x |
11 Jul 2023 (Day 3) | 130.65x | 48.43x | 3.21x |
10 Jul 2023 (Day 2) | 66.69x | 24.42x | 2.88x |
07 Jul 2023 (Day 1) | 12.07x | 3.84x | 2.05x |
Drone Destination FINANCIALS
| Period | Net Profit (Rs in millions) | Revenue from Operations (Rs in millions) | Cash Flow from Operations (Rs in millions) | Free Cash Flow (Rs in millions) | Margins |
| FY23 | 24.4 | 120.7 | 8.3 | -50.1 | 38.9% |
| FY22 | 2.1 | 25.6 | -0.8 | -6.3 | 15.5% |
| FY21 | -0.5 | 3.9 | -1.3 | -3.9 | -6.1% |
Drone Destination IPO SUBSCRIPTION STATUS DETAILS
Drone Destination had 6.8 M shares on offer
Drone Destination IPO offer price was in the range ₹62 - ₹65
Drone Destination IPO minimum Investment was ₹130000
Drone Destination IPO issue size was ₹ 421.6 M - ₹ 442.0 M
Drone Destination had a minimum lot size of 2000 Shares per application
Drone Destination NUMBER OF SHARES ON OFFER
Drone Destination IPO IMPORTANT DATES
| Issue Open Date | 07 Jul 2023 |
| Issue close Date | 13 Jul 2023 |
| Allotment Date | 18 Jul 2023 |
| Refund Date | 19 Jul 2023 |
| Demat Account Credit Date | 20 Jul 2023 |
| Listing Date | 21 Jul 2023 |
| Listing on Exchange(s) | NSE |
| Drone Destination Allotment Status | Exchange |
Drone Destination IPO subscription opened on 07 Jul 2023, and closed on 13 Jul 2023
IPO allotment for Drone Destination was finalized on Tuesday, 18 Jul 2023
IPO listing for Drone Destination was on NSE on Friday, 21 Jul 2023
Drone Destination IPO LISTING GAINS
| Issue Price (adjusted) | 65.0 |
| Listing Open Price | 107.5 |
| Listing Close Price | 102.1 |
| Listing Gain% | 65.3% |
| Current Gain% | -38.9% |
Drone Destination Peer
| Stock | Stock Price | Market Cap (Rs crore) | PE TTM | PEG TTM | PS TTM | ROE% | ROA% | Annual Revenue (Rs crore) | Annual Revenue Growth % | Annual Net Profit (Rs crore) | Annual Net Profit Growth % | EPS TTM | EPS TTM Growth % |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Drone Destination Ltd. | 39.8 | 96.6 | 82.7 | -0.7 | 2.6 | 1.9 | 1.3 | 36.6 | 42.3 | 1.2 | 117.2 | 0.5 | -117.1 |
| Urban Company Ltd. | 143.7 | 22167.3 | -66.4 | 0.3 | 12.9 | -11 | -8.7 | 1692.2 | 34.2 | -234.8 | -197.9 | -2.2 | -242.6 |
| WeWork India Management Ltd. | 755.4 | 10469.1 | 124.3 | -3 | 4 | 25 | 1 | 2490.4 | 23 | 74.4 | -41.6 | 6.1 | -41 |
| Smartworks Coworking Spaces Ltd. | 486.8 | 5562.3 | 199.6 | 1.2 | 2.8 | 2 | 0.2 | 1849.9 | 31.2 | 10.5 | 116.7 | 2.4 | 162.8 |
| Indiqube Spaces Ltd. | 182.6 | 3871.1 | -36.4 | -1.5 | 2.7 | -20.6 | -1.6 | 1527.5 | 38.5 | -106.3 | 23.8 | -5 | 23.8 |
| Awfis Space Solutions Ltd | 271.6 | 1944 | 27.4 | 6.2 | 1.3 | 12.8 | 2.4 | 1586.1 | 25.8 | 70.9 | 4.4 | 9.9 | 4.4 |
Drone Destination INFORMATION ON IPO ISSUE
About Drone Destination
Drone Destination, established on May 10, 2019, is an authorized remote pilot training organization approved by the DGCA. The company provides certified training programs at various locations across India.
Object of the Issue
- To meet expenses for the purchase of new drones
- To meet expenses for the purchase of vehicles
- To meet capital expenditure requirements
- To meet working capital requirements
- To meet general corporate purposes
- To meet issue expenses
Drone Destination - PROMOTERS
| Name |
|---|
| Chirag Sharma |
| Shashi Bala |
Drone Destination Lead Manager of the Issue
Narnolia Financial Services Limited
pankaj.passi@narnolia.com
Drone Destination Registrar to the issue
Maashitla Securities Private Limited
ipo@maashitla.com
Drone Destination Strengths
Highest market share
The company boasts the largest drone training network in India, in partnership with IGRUA, and holds the highest market share in DGCA-certified drone pilot training
Key partnerships
The company has forged significant MOUs with prominent government entities and private players to establish an integrated ecosystem for drone training, education, and services
Backed by Hubblefly Technologies
The company benefits from the support of Hubblefly Technologies, a DGCA-authorized drone manufacturer capable of producing over 3000 drones per year
Drone Destination Risks
Industry in nascent stage
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 the anticipated level of growth
Affected by monsoon
Extended monsoon seasons can directly impact the company's revenue as drones are not operational during this period. The increased risk of damage to equipment and potential safety hazards make it infeasible to conduct drone operations in such weather conditions
Outstanding legal proceedings
There are outstanding legal proceedings involving the company as well as its promoter and directors. Any adverse outcome of such proceedings may affect the business
IPO FAQs
The promoters of the company are Chirag Sharma and Shashi Bala.
The category allocation of qualified institutional buyers is 50.0%, the category allocation of non individual investors or high networth individuals is 15.0% and for retail investors it is 35.0%.
The price band of the IPO is Rs 62.0 - 65.0.
The IPO application opens on Jul 07, 2023 and closes on Jul 13, 2023.
The minimum lot size for the IPO is 2000. The maximum lot size for the IPO is 2000.
For all category investors, the minimum application amount for this IPO is Rs. 130,000.0, the maximum value for this IPO is Rs 130,000.0.
This IPO will be allotted on Jul 18, 2023.
The refund will be credited to your account on Jul 19, 2023.
The allotted shares will be credited to your demat on Jul 20, 2023.
Drone Destination Ltd.’s shares listed on the stock exchanges on Jul 21, 2023.