HomeNewsIn three days after listing, BSE SME stock doubled Allottees' money

In three days after listing, BSE SME stock doubled Allottees’ money

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    One of the multi-bagger initial public offerings that the Indian stock market delivered in 2022 was Droneacharya Aerial Innovations. In reality, it would be more intriguing to learn that the BSE SME IPO quadrupled the money allotted to investors in just three days after it was listed and reached the upper circuit at each of the three sessions. This month, the SE SME IPO was offered in a price range of 52 to 54 rupees per equity share. The SME stock debuted on Dalal Street last Friday at a startling 90% premium, and despite a significant sell-off on Friday, the stock of the drone solution provider firm went on to reach the upper circuit and close at values of 107.10 per share.

    The small-cap stock continued to rise during trading on Monday and Tuesday. Shares of Droneacharya Aerial Innovations are presently trading at 118.05 per share, a price that is around 120% more than the company’s initial offering price of 52 to 54 per share.

    Avinash Gorakshkar, Head of Research at Profitmart Securities, encouraged allottees to book a portion of their profits: “Allottees are recommended to book 50% profit and fish out their investment money.” Due to the fact that it is an SME stock and one cannot register partial profits in it, an allottee may sell all of their shares and then re-enter with any amount they like after the market has settled after a few sessions.

    According to Avinash Gorakshkar, Droneacharya Aerial Innovations stock is in the military industry and is a provider of drone solutions that stand to gain from contactless sales, which the Indian government is considering implementing in online retail platforms.

    Also Read: MSMEs Cannot ignore These 10 Major Developments in the New Year

    History of share prices for Droneacharya Aerial Innovations

    Droneacharya Aerial Innovations shares were made available in this month’s public offering, and over the three days of bidding from December 13 to 15, 2022, investors responded well. The retail section of the issue received 330.82 subscriptions, compared to 243.70 subscriptions for the public issue. In the QIB category, the SME IPO received 46.21 subscriptions, while in the NII category, it received 287.80 subscriptions.

    The offering was launched on the BSE SME exchange on Friday, December 23, 2022, for 102 per share, providing the allottees a stunning 90% premium.

    Read More: A partnership between DBS Bank India and Gofrugal Technologies helps SMEs adopt ONDC

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