Shares of Paras Defence and Space Technologies on Friday made a dream debut and jumped over 171 per cent against its issue price of Rs 175.
The stock listed at Rs 475, reflecting a huge jump of 171.42 per cent from the issue price on BSE. It further zoomed 185 per cent to Rs 498.75.
On NSE, it listed at Rs 469, rallying 168 per cent from the issue price.
The company commanded a market valuation of Rs 1,945.13 crore on the BSE.
The initial public offer of Paras Defence and Space Technologies received a whopping 304.26 times subscription last month. Price range for the offer was at Rs 165-175 per share.
The initial public offer (IPO) was fully subscribed within hours of opening on the first day of subscription.
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.
