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Massive: Paras Defence IPO subscribed 304.26 times on closing day

Paras Defence and Space Technologies IPO received bids for 2,17,26,31,875 shares against 71,40,793 shares on offer, according to the last update on the NSE
Paras Defence IPO subscribed 304.26 times on closing day
Paras Defence IPO subscribed 304.26 times on closing day

New Delhi: Evidently what can be interpreted as massive investor interest in a defence tech and space engineering company, the initial public offer of Paras Defence and Space Technologies received a whopping 304.26 times subscription on the closing day on Thursday. The IPO received bids for 2,17,26,31,875 shares against 71,40,793 shares on offer, according to an update on the NSE. The non-institutional investors' category received a massive 927.70 times subscription, Qualified Institutional Buyers (QIBs) 169.65 times and Retail Individual Investors (RIIs) 112.81 times.

The Initial Public Offer (IPO) includes a fresh issue of up to Rs 140.6 crore and an offer for sale of up to 17,24,490 equity shares. Price range for the offer was at Rs 165-175 apiece.

The offer was fully subscribed within hours of opening on the first day on Tuesday.

On Monday, however, Paras Defence and Space Technologies 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.

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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 that 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 was the manager to the offer. The shares of the company would be listed on the BSE and NSE.

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