Ahead of the IPO, Paras Defence raised over Rs 51 crore from anchor investorsParas Defence and Space Technologies will list on the bourses today i.e.
October 1.
The Rs 170.7 crore inial public offering (IPO) received a stupendous action from financiers.
The deal was subscribed 304.26 times, with the non-institutional investors (NII) segment being subscribed more than 927.70 times, qualified institutional purchasers (QIB) segment, 169.65 times and retail investors part, 112.81 times.The IPO consisted of a fresh issue of Rs 140.6 crore and an OFS (Offer for Sale) as much as 17,24,490 shares by existing financiers.
At the higher end of the price band, the concern is anticipated to bring Rs 170.7 crore.Ahead of the IPO, Paras Defence raised over Rs 51 crore from anchor investors such as Abakkus Emerging Opportunities Fund-1, Nippon India Mutual Fund, HDFC Mutual Fund, Ashoka India Equity Investment Trust Plc and Saint Capital Fund.Paras Defence is promoted by Sharad Virji Shah and Munjal Sharad Shah, and backed by ace investor Sunil Singhania-owned Abakkus Emerging Opportunities Fund 1.
It deals with significant sections of the defence sector in India viz defence and space optics, defence electronic devices, electro-magnetic pulse defense services and heavy engineering.Anand Rathi Securities is the book running lead supervisor for the IPO while Link Intime India Private is the registrar to the concern.