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Updated on: Tuesday, September 21, 2021, 10:28 PM IST

Paras Defence IPO subscribed 16.57 times on first day of offer

PTI
The Rs 170.7-crore IPO received bids for 11,82,91,695 shares against 71,40,793 shares on offer, according to NSE data/ Representational image | Photo credit: pixabay.com

The Rs 170.7-crore IPO received bids for 11,82,91,695 shares against 71,40,793 shares on offer, according to NSE data/ Representational image | Photo credit: pixabay.com

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The initial public offer of Paras Defence and Space Technologies Limited was fully subscribed within hours of opening on the first day on Tuesday and settled with 16.57 times subscription helped by huge interest from retail investors.

The Rs 170.7-crore IPO received bids for 11,82,91,695 shares against 71,40,793 shares on offer, according to NSE data.

Retail Individual Investors (RIIs) category received 31.36 times subscription and non-institutional investors 3.77 times, while Qualified Institutional Buyers (QIBs) portion 1 per cent.

The initial public offer (IPO) has a fresh issue of up to Rs 140.6 crore and an offer for sale of up to 17,24,490 equity shares.

The price range for the offer is Rs 165-175 per share.

Paras Defence and Space Technologies on Monday said it has garnered a little over Rs 51 crore from anchor investors.

Proceeds of the fresh 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.

The company is engaged in designing, developing, manufacturing and testing a wide range of defence and space engineering products and solutions.

Paras Defence and Space Technologies' business is highly dependent on projects and programmes are undertaken by the central government and associated entities, such as defence public sector undertakings and government organisations involved in space research.

Anand Rathi Advisors is the manager of the offer.

The equity shares of the company would be listed on BSE and NSE.

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Published on: Tuesday, September 21, 2021, 10:28 PM IST
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