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Agri-drone company AVPL files IPO papers to raise funds

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NewsDrum Desk
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New Delhi, Oct 31 (PTI) Integrated Agri-drone company AITMC Ventures Ltd (AVPL) has filed its preliminary papers to mop up funds through an Initial Public Offering (IPO).

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The Gurugram-based firm will offer a fresh issue of up to 2,07,32,000 equity shares with a face value of Rs 2 each through the book-building route, as per the Draft Red Herring Prospectus (DRHP).

The shares of the company will be listed on NSE Emerge, a platform for small and medium enterprises, the company said in a statement on Monday.

Proceeds from the issue will be used for funding new business initiatives by investing in its subsidiaries. Besides, the company will also utilise part of the proceeds towards the working capital.

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Founded by entrepreneurs Deep Sihag Sisai (MD) and Preet Sandhuu (Chairman) in 2016. AVPL is a training partner recognised by the National Skill Development Corporation (NSDC) and serves a wide range of government departments & agencies, including other training providers.

It has two subsidiaries - SPH Aviation Pvt Ltd and Farmers City International Pvt Ltd. The company operates three broad business verticals - skill development, drone skilling and assembly, and agri-retail.

"We are confident that the increasing adoption of drone technology in agriculture presents a substantial growth opportunity for our Drone-as-a-Service (DaaS) offerings," Deep Sihag Sisai, Founder & Managing Director of AVPL, said.

SKI Capital Services Ltd has been appointed as the sole book-running lead manager, and Bigshare Services Pvt Ltd as the registrar for the IPO.

AVPL's revenue stood at Rs 21.44 crore, while the company posted a profit of Rs 4.81 crore in FY23. PTI HG SHW

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