The first Drone startup company DroneAcharya Aerial Innovations is listed on the stock exchange. DroneAcharya stock made its debut and was listed at a premium of 100%, gaining 88% at Rs 102 per share.

• Coal India, AMNS Sign MoU on Syn-Gas at Paradip Plant
• HAL Hits 52-Week High of Rs 5,055 on Strong Q1 Results
• MP Approves Rs 1,757 Crore Bhopal-Vidisha Road Project
• Nvidia Reportedly Developing 1 Trillion-Parameter AI Model
• West Coast Paper Hits 52-Week High on Strong Q1 Profit

The Pune-based UAV, priced at Rs 52 a share, hit a high of Rs 107.10 per share after being locked in a 5% circuit breaker immediately following the listing. The company registered a turnover of Rs 27.57 crore with a total trading volume of 26.92 lakh shares on the first day. DroneAcharya’s Rs 33 crore offering was oversubscribed 262 times with bids of Rs 6,017 crore.

The IPO will be used to expand infrastructure and move into defence. DroneAcharya was already working with training personnel and defence forces in drone operations, said Prateek Shrivastava, founder of DroneAcharya.

By the end of March 2023, the company will be launching a range of new products. 85% of the components of drones made in India come from the country, compared with 15% globally. DroneAcharya is also preparing to launch higher payload drones.