The IPO of Paras Defense and Space Technologies continues to receive great response from investors. The IPO was subscribed 41 times on the second day of subscription opening. The subscription to the company’s IPO will end tomorrow (23 September 2021). Most of the bidding has been done by retail investors. The price band of Paras Defense and Space Technologies IPO is Rs 165-175. If the shares are subscribed at the top end, the market capitalization of the company will be Rs 683 crore.
Under the company’s IPO, new shares worth Rs 140.6 crore will be issued. While Rs 30.2 crore will be raised from secondary share selling. The company deals in manufacturing and testing of defense and space engineering products and solutions. The company had a profit of 16 crores in the March quarter, while its revenue was Rs 143 crores.
The company raised Rs 51.23 crore from five anchor investors
The company had reduced its offer size from 97.58 lakh equity shares to 71.40 lakh equity shares. In fact, on September 20 itself, the company had raised capital of Rs 51.23 crore from five anchor investors. The lot size of 85 shares was fixed for the IPO. That is, investors had to invest at least Rs 14875 according to the upper price of the price band. 50% of the issue is reserved for Qualified Institutional Institutional Buyers (QIBs) and 15% for Non-Institutional Investors (NIIs).
Stock Tips: Invest in these four stocks including Reliance and Titan, you will get great returns amidst uncertain global conditions
IPO subscription will close on 23rd September
The remaining 35 per cent of the IPO has been reserved for retail investors. Paras Defense will raise Rs 170.77 crore from the IPO. There is a fresh issue of Rs 140.5 crore, while shares worth Rs 30.2 crore have been issued under the offer for sale. The price band has been kept from Rs 165 to Rs 175. The subscription to the IPO will close on 23rd September.
Get Business News ,, latest India News ,, and other breaking news on share market, investment scheme and much more on Business Khabar. Like us on Facebook, Follow us on Twitter for latest financial news and share market updates.
.