Shares of Mumbai-based defense and space engineering products maker – Paras Defense and Space Technologies made a blockbuster stock market debut on Friday. Shares of Paras Defense opened for trading at Rs 475 on BSE as against its issue price of Rs 175, showing a growth of 2.71 times. On the National Stock Exchange, Paras Defense shares opened at Rs 469. The stock rose 181 per cent to hit a high of Rs 492.45 on NSE.
Shares of Paras Defense and Space Technologies were in high demand during the three-day share sale that ended on September 23. The issue was subscribed a record 304 times. Over 200 crore bids were received for Paras Defense shares as against 71.4 lakh shares on offer. National Stock Exchange data shows that a total of 30.66 crore bids were received at the cut-off price.
Mumbai-based Paras Defense and Space Technologies, which is primarily engaged in the design, development, manufacturing and testing of a variety of defense and space engineering products, raised Rs 170.78 crore in an IPO which included a fresh issue of Rs 140.60 crore. and offer for sale of Rs 30.18 crore.
The company said it would use the proceeds from the IPO to purchase machinery and equipment, raise working capital and for general corporate purposes.
Anand Rathi Securities was the book running lead manager for the IPO while Link Intime India Pvt Ltd is the registrar for the issue.
As of 10:10 am, Paras Defense and Space Technologies shares were trading 181 per cent or Rs 317 higher at Rs 492.