Japanese Giant Toshiba to lay off about 7% of workforce
Population of senior citizens in India will be 34 crore by 2050, silver economy is growing rapidly; 31.30 lakh new demat accounts were opened in March 2024 and more...
Shares of Paras Defence and Space Technologies will make their stock market debut on Friday, October 01, 2021.
Shares of Paras Defence and Space Technologies, which recently concluded its Rs 171-crore initial public offering, are likely to make a blockbuster debut on BSE and NSE on Friday. According to market watchers, the scrip is trading at a premium of over 120% in the grey market against the upper price band of Rs 175.
Of late, the initial public offer of Paras Defence and Space Technologies was subscribed 304.26 times. The public offer 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.
Abhay Doshi, co-founder of UnlistedArena.com said, “Grey market premium for Paras Defense and Space Technologies was around Rs 215 on Thursday. The figure looks mostly stable above Rs 200 on account of huge fancy and historic subscription to the issue. it won’t be surprising if we see record-breaking listing gains on debut for current fiscal.”
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. The 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.
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 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.