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.

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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.