Paras Defence Makes A Stellar Debut In The Market, Sharing Almost Triple In The Opening.
Paras Defence shares were opened to trade at ₹ 475 on the BSE compared to its issue price of ₹ 175, which is a 2.71 times increase.
Shares of Mumbai-based defense and space engineering products maker Paras Defence and Space Technologies made a successful debut on the stock exchange on Friday.
Paras Defence shares were opened to trade at ₹ 475 on the BSE compared to its issue price of ₹ 175, which is a 2.71 times increase. On the National Stock Exchange, Paras Defence shares opened at ₹ 469. The stock rose as much as 181 percent to hit an intraday high of ₹ 492.45 on the NSE.
Paras Defence and Space Technologies shares were in high demand during the three-day share sale that ended on September 23. The broadcast was subscribed a record 304 times.
Offers of more than Rs 200 million were received for Paras Defence shares compared to the 71.4 lakh shares of the offering. A total of offers of Rs 30.66 million were received at the cut-off price, data from the National Stock Exchange showed.
Mumbai-based Paras Defence and Space Technologies, which is primarily engaged in the design, development, manufacture and testing of a variety of defence and space engineering products, raised ₹ 170.78 crore at the IPO, which consisted of a new issuance of ₹ 140.60 crore and a sell offer of ₹ 30.18 crore.
The company said it will use the proceeds from the IPO to purchase machinery and equipment, fund incremental working capital requirements and for general corporate purposes.
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