The much-awaited IPO of Drone Destination, the renowned drone company, witnessed an overwhelming response from retail investors, leading to a remarkable 65% listing gain on NSE’s SME platform.
However, post-listing, selling pressure has emerged, bringing the share price down to Rs 102.10, resulting in a 57% profit for IPO investors.
Enthusiasm Among Retail Investors Pushes Drone Destination IPO’s Overall Subscription to 192 Times
Drone Destination’s IPO, which was open for subscription from July 7 to July 13, attracted massive interest from retail investors, with the issue being subscribed an impressive 191.65 times.
Qualified Institutional Investors (QIBs) subscribed 50.46 times, while Non-Institutional Investors (NIIs) showed remarkable interest with a subscription of 243.85 times.
Retail investors, in particular, displayed immense enthusiasm, subscribing 250.09 times.
Drone Destination – A Pioneering Drone Service and Training Company
Founded in 2019, Drone Destination has quickly risen to prominence as a premier drone service and training company.
The Directorate General of Civil Aviation (DGCA) recognizes it as a Remote Pilot Training Organization, conducting training across various locations in the country.
Notably, the company became the first drone training partner of the National Skill Development Corporation (NSDC) in October 2022, solidifying its position in the industry.
Strong Partnerships and Expanding Client Base
Drone Destination boasts partnerships with prominent institutions like IGRUA, IFFCO, IIT Patna, NSDC, Neo-Geo, and Matrix-Geo.
With a client base exceeding 80 across the government and private sectors, the company’s drones, branded as Star Guru, Star Edge, Sky Star, AgriStar, Agri Mapper, Star Eye, and Laser Star, have garnered significant popularity.
Financial Growth Trajectory
Drone Destination’s financial performance has shown impressive growth over the years.
In FY 2021, the company recorded a net loss of Rs 4.56 lakh, which turned into a net profit of Rs 20.73 lakh in the subsequent financial year 2022.
The company’s net profit further surged to Rs 2.44 crore in the financial year 2023, reflecting its strong financial health.
With the IPO listing showing both promise and challenges, investors and industry enthusiasts eagerly await Drone Destination’s future performance in the dynamic drone industry.
