paras defense: Paras Defense almost triples the fortune of listed investors

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MUMBAI: Paras Defense & Space Technologies, the company whose IPO has been underwritten more than 300 times to set a new record for the Indian capital market, was listed on Friday and the price rose nearly three times its IPO price of Rs 175. On BSE, the stock was listed at Rs 475, rallied and closed at Rs 499, which was also the day’s high for her. The stellar list has also made Paras Defense one of the most successful offerings of recent times.
In Friday’s session, more than 29 lakh of company shares changed hands, data from NSE and BSE showed. The company now has a market value of almost Rs 1,950 crore, according to BSE data.
On September 23, the Rs 171 crore IPO of Navi Mumbai-based Paras Defense closed with an oversubscription of 304 times. The bid for the defense and space sector supplier in India and abroad was in the price range of Rs 165 to Rs 175 per share.
The portion of the IPO reserved for non-institutional investors was subscribed nearly 928 times, the portion reserved for retail investors was subscribed nearly 113 times while the category of institutional investors was subscribed approximately 170 times.
Shortly after the closing of the IPO, Astha Daga, Senior Vice President, Anand Rathi Advisors, the lead manager of the offering, told TOI that a very strong sector outlook, coupled with the unique position from the company as one of the leading private sector providers to the country’s defense & space sectors have generated strong interest from investors. A relatively small IPO size also helped generate good investor interest, Daga said.
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