Paras Defence and Space Technologies will list on the bourses today i.e. October 1. The Rs 170.7 crore inial public offering (IPO) received a stupendous response from investors. The offer was subscribed 304.26 times, with the non-institutional investors (NII) segment being subscribed more than 927.70 times, qualified institutional buyers (QIB) segment, 169.65 times and retail investors portion, 112.81 times.
The IPO comprised a fresh issue of Rs 140.6 crore and an OFS (Offer for Sale) up to 17,24,490 shares by existing investors. At the higher end of the price band, the issue is expected to fetch Rs 170.7 crore.
Ahead of the IPO, Paras Defence raised over Rs 51 crore from anchor investors such as Abakkus Emerging Opportunities Fund-1, Nippon India Mutual Fund, HDFC Mutual Fund, Ashoka India Equity Investment Trust Plc and Saint Capital Fund.
Paras Defence is promoted by Sharad Virji Shah and Munjal Sharad Shah, and backed by ace investor Sunil Singhania-owned Abakkus Emerging Opportunities Fund 1. It caters to major segments of the defence sector in India viz defence and space optics, defence electronics, electro-magnetic pulse protection solutions and heavy engineering.
Anand Rathi Securities is the book running lead manager for the IPO while Link Intime India Private is the registrar to the issue.