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Paras Defence makes stellar market debut, share lists at 171% premium

October 1, 2021 12:56 PM

Paras Defence makes stellar market debut, share lists at 171% premium
Paras Defence makes stellar market debut, share lists at 171% premium

Shares of Paras Defence and Space Technologies made a strong market debut today, listing at 171% premium to the issue price. Paras Defence stock listed at Rs 475 per share on the BSE against the IPO issue price of Rs 175. Price band of the IPO was fixed at Rs 165-175 per share.

Total 3.76 lakh shares of the firm changed hands amounting to turnover of Rs 18.27 crore on BSE. Market cap of the firm rose to Rs 1,945.13 crore.

The share was stuck in the upper circuit of 5%, reaching Rs 498.75 against opening price of Rs 475 on BSE. The IPO was open for subscription from September 21-23. On NSE, the share opened at Rs 469. Total 18.60 lakh shares of the firm changed hands amounting to turnover of Rs 91.82 crore on BSE.

The share sale of Mumbai-based defence engineering company was subscribed 304.26 times on the last day.  Investors had bet over Rs 38,000 crore on the company’s Rs 171 crore IPO.

Also Read: Adani Group seals deal to develop, run strategic Western Container Terminal

The issue received bids for 2,17,26,31,875 shares against 71,40,793 shares on offer. The non-institutional investors category received a strong 927.70 times subscription, Qualified Institutional Buyers (QIBs) 169.65 times and Retail Individual Investors (RIIs) 112.81 times

The IPO included a fresh issue of up to Rs 140.6 crore and an offer for sale of up to 17,24,490 equity shares. The offer was fully subscribed within hours of opening on the first day on September 21.

Earlier, the firm raised a little over Rs 51 crore from anchor investors. Proceeds of the issue would be used to fund capital expenditure requirements, to support incremental working capital needs, and repayment or prepayment of loans availed by the company Anand Rathi Advisors was the manager to the offer.

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