AITMC Ventures (AVPL International) The Complete Guide to Unlisted Shares

AVPL International is a trading name of AITMC Ventures Ltd. It is one of the talked about names in the unlisted or pre-IPO share market of India. Pre-IPO space watchers always look at this company: An agri-drone and skilling startup that is preparing for a public listing. This is a data-based view of the company’s financials the share price movement and answers to questions that investors often ask.

Company Snapshot

Unlisted Share Price Change

The unlisted shares of AVPL/AITMC have been showing price changes in the few years with trading activity and IPO speculations going up and down:

Minimum lot sizes vary by broker/platform, typically ranging from 1,000 to 1,500 shares

Financial summary

While AITMC Ventures has kept showing revenue growth in the last three fiscal years profitability metrics remain unstable as is normal for a growing business.

Growth Highlights:

• Revenue increased ~8x (₹11.3 Cr to ₹88.8 Cr) in FY22-FY25.
• FY25: Operating Revenue 87% from ₹46.8 Cr to ₹87.5 Cr
• Net profit grew by 59 % to Rs 14.02 crore in FY25 from Rs 8.84 crore.
• EPS has gone up from ₹0.64 in FY23 to ₹1.66 in FY25 on unlisted prices which leads to a P/E of ~31.
• The current ratio has improved to 1.72 in FY24 from 1.11 in FY23 showing improvement in liquidity.
• Negative cash flows from operations for FY24 (-₹3.3 Cr to -₹6.3 Cr depending on the reporting basis) This was primarily because the receivables got stuck as the business grew. "That is something investors should keep an eye on."

IPO Status

AVPL International/AITMC Ventures has tried to go public twice:

1. SEBI filed a DRHP for NSE Emerge listing in December 2023. This however did not happen.
2. The board approved an increase in the share capital from ₹22 crore to ₹25 crore and the amount of the new issue from ₹125 crore to ₹200 crore. In October 2025 the company had submitted a DRHP to SEBI for a ₹200 crore initial public offering (IPO).
3. The firm had also explored tie-ups with BSE SME DroneAcharya in January 2025 but that deal did not materialize. As of now the latest information is that there is no confirmed IPO listing date.

Business Summary

AVPL/AITMC in India is at the confluence of three growing themes:
• Agri-drone manufacturing: It manufactures drones for agricultural spraying and other related usecases as part of India’s drone-as-a-service push.
• Skilling and Training : NSDC Category A approved training partner with a farmer training center at Gurugram for drone pilot and rural skilling programs.
• Govt linked programs: The company tied up with government skilling programs like Skill India, DDU-GKY, ITI Limited and TCIL. This is a boon for the sector being pushed by the government’s drive to push entrepreneurship and use of drones in agriculture.
• Liquidity Risk: Unlisted shares are traded in volumes and prices are more likely to be found from the deals than the exchange. It may be more difficult to buy and sell on a scale than in the listed markets.

DRHP filed twice no timeline for listing. Possibility of delay or withdrawal.

• Cash flow volatility: The rising receivables will create operating cash flow in FY24 which should be visible in future filings.
• Valuation swings: The unlisted price has swung than 60% in almost two years (₹43 to ₹80) suggesting volatility driven by sentiment rather than consistent appreciation.
• IPO Lock-in: On platforms unlisted shares are usually locked-in for 6 months post IPO. Even if the IPO is successful investors cannot sell immediately.

FAQs

1. What is AVPL International (AITMC Ventures)
AVPL International is the brand name of AITMC Ventures Limited, a Gurugram based company incorporated in 2016, which manufactures drones and also provides drone pilot training and rural skill development in association with government skilling bodies such as NSDC and Skill India.
2. What is the present unlisted share price of AVPL/AITMC Ventures?
Prices are broker dependent. Have mostly been in the ₹47-₹52 range from about mid to late 2025 through mid 2026. Prices touched a peak of ₹75-₹80 by 2024. Unlisted prices are not posted in a place like listed equities so make sure you always ask for a live quote from your broker before you deal.
3. What is the ISIN number of AITMC Ventures Limited?
INEQWL01025
4. What is the minimum lot size for purchase of shares of AVPL?
Lot size also varies by platform. Is generally between 1,000 and 1,500 shares per lot.
5. AVPL/AITMC Ventures not traded on BSE/NSE.
The company is not listed on the stock exchange. It is not publicly traded on a stock exchange. Is traded only through registered dealers and platforms in the unlisted/pre-IPO market.
6. Will AITMC Ventures have an IPO SEBI issues the observation letter for the ₹200 crore IPO of AITMC Ventures.
The issue is subject to the approval of authorities. Khandwala Securities Ltd is the book running lead manager to the issue.
7. What is the financial performance of AITMC Ventures?
Revenue grew around 8 times in FY22-FY25 (from Rs11.3cr to Rs88.8cr). Operating revenue grew 87% YoY to FY25 and net profit grew 59% to ₹14 crore.
8. How to buy / sell shares of AVPL/AITMC Ventures ?
Instead the shares are traded on platforms. By registered unlisted-share dealers rather than on stock exchanges. The usual process is to get the deal confirmed at a price and submit the KYC documents (PAN, CMR canceled cheque) and get the credits of the shares in your demat account with CDSL/NSDL.
9. What is the lock-in period, after listing of AITMC Ventures?
Most platforms say you can’t sell shares bought on the -IPO market until six months after they list.
10. How can I buy/sell unlisted shares of AVPL/AITMC Ventures?
Shares are bought and sold through a registered unlisted shares dealer or platform (not stock exchanges). The normal process is to confirm the deal at the agreed price, submit KYC documents (PAN, Client Master Report, canceled cheque) and get the shares transferred to your demat account through CDSL/NSDL. Many investors seek an unlisted share company in Noida or the broader Delhi-NCR region for easier KYC and documentation support in person while buying these shares. AVPL operates out of Gurugram in the NCR region.