Gurugram-based drone maker AITMC Ventures filed updated IPO papers on September 30 to issue 3.5 crore fresh shares. The company plans to use the funds to upgrade skill hubs and build a tech park in Haryana. It reported a profit of Rs 13.38 crore for the year ended March 2026.
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Gurugram-based drone technology and skilling provider AITMC Ventures, which operates under the brand AVPL International, has filed an updated draft document with the Securities and Exchange Board of India (SEBI) to raise funds through an initial public offering (IPO).
The IPO comprises an entirely fresh issue of 3.5 crore equity shares, according to the updated draft red herring prospectus (UDRHP) filed on September 30. The offer size is expected to be in the range of Rs 155-200 crore, according to market sources.
AITMC Ventures filed its IPO papers through the confidential route in October 2025, while SEBI approved its draft papers in January 2026.
The promoters own a 57.95 percent stake in the company, while the remaining 42.05 percent is held by public shareholders.
AITMC Ventures proposes to use Rs 14.5 crore of the net IPO proceeds to upgrade its Global Incubation and Skill Hubs (GISH) in 50 select AICTE-approved colleges, and Rs 69.67 crore to establish a Future Tech Park at Sisai, Haryana.
Further, Rs 40.44 crore will be used to upgrade infrastructure facilities at 17 Industrial Training Institutes (ITIs) and three polytechnic colleges in Uttar Pradesh under the World Incubation and Skill Hubs (WISH) initiative.
The company also intends to set up research and development laboratories at IIT Ropar and upgrade R&D laboratories at IIT Kanpur and its Gurugram facility at a cost of Rs 10.4 crore.
Incorporated in 2016, AITMC Ventures primarily operates in vocational education and skill development, under which it offers training programmes focused on drone technology. It is also engaged in the manufacturing and assembly of drones, through which it aims to develop a self-reliant, locally developed drone ecosystem.
On the financial front, the drone technology and skill development startup, which competes with listed peers such as Drone Destination and Droneacharya Aerial Innovations, reported a standalone profit of Rs 13.38 crore and revenue of Rs 106.75 crore for the year ended March 2026.
On a consolidated basis, profit nearly doubled to Rs 16.14 crore for the year ended March 2025, from Rs 8.63 crore a year earlier, while revenue more than doubled to Rs 87.47 crore from Rs 41.87 crore during the same period.
Khandwala Securities has been appointed as the merchant banker for managing the AITMC Ventures IPO.