Droneify Holdings, a Canadian provider of drone services, filed on Thursday with the SEC to raise up to $6 million in an initial public offering.
The Oakville, Canada-based company plans to raise $6 million by offering 0.9 million shares at a price range of $6 to $7. At the midpoint of the proposed range, Droneify Holdings would command a fully diluted market value of $58 million.
Droneify serves a variety of industries, with a current emphasis on niche markets such as utilities, energy, construction, and infrastructure, and has three main business segments. Its drone solutions division provides drone services, such as inspections, surveying, and marketing work, carried out by a network of drone pilots managed by the company. Its drone analytics division, which will offer software tools, and drone hardware division, which will provide advanced hardware for military and heavy industry applications, are still in the development stage.
Droneify Holdings was founded in 2015 and booked $1 million in revenue for the 12 months ended June 30, 2022. It plans to list on the Nasdaq under the symbol DRFY. The company filed confidentially on September 30, 2022. Boustead Securities is the sole bookrunner on the deal.
