Paras Defence IPO receives 40.57 times subscription on Day-2 of offer

The equity shares of the company would be listed on BSE and NSE.

The initial public offer of Paras Defence and Space Technologies received 40.57 times subscription on the second day on Wednesday.

The Rs 170.7-crore IPO received bids for 28,96,93,260 shares against 71,40,793 shares on offer, according to an update on the NSE.

Retail Individual Investors (RIIs) category received 68.57 times subscription, while non institutional investors 26.32 times and Qualified Institutional Buyers (QIBs) 1.67 times.

The initial public offer has 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 is Rs 165-175 per share.

The initial public offer was fully subscribed within hours of opening on the first day on Tuesday.

Paras Defence and Space Technologies on Monday said it has garnered a little over Rs 51 crore from anchor investors.

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 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 is the manager to the offer. The equity shares of the company would be listed on BSE and NSE.