Paras Defence shares rose as much as 181% to hit an intraday high of Rs 492.45 on the NSE.
Shares of the Mumbai-based defence and space engineering products maker – Paras Defence and Space Technologies – made a blockbuster stock market debut on Friday. Paras Defence shares opened for trading at Rs 475 on the BSE compared to its issue price of Rs 175, marking an increase of 2.71 times. On the National Stock Exchange, Paras Defence shares opened at Rs 469. The stock rose as much as 181 per cent to hit an intraday high of Rs 492.45 on the NSE.
Paras Defence and Space Technologies shares were in very high demand during the three-day share sale which ended on September 23. The issue was subscribed a record 304 times. Over 200 crore bids were received for Paras Defence shares compared with 71.4 lakh shares on the offer. A total of 30.66 crore bids were received at the cut-off price, data from the National Stock Exchange showed.
The Mumbai-based Paras Defence and Space Technologies, which is primarily engaged in the designing, developing, manufacturing, and testing of a variety of defence and space engineering products, raised Rs 170.78 crore in the IPO which consisted of fresh issue of Rs 140.60 crore and an offer for sale of Rs 30.18 crore.
The company said it will utilise the IPO proceeds to purchase machinery and equipment, fund incremental working capital requirements and for general corporate purposes.
Anand Rathi Securities was the book running lead manager for the IPO while Link Intime India Private Limited is the registrar to the issue.
As of 10:10 am, Paras Defence and Space Technologies shares traded 181 per cent or Rs 317 higher at Rs 492.
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