Paras Defence IPO subscribed 16.53 times on Day 1

Paras Defence and Space Technologies Limited primarily engaged in designing, developing, manufacturing and testing of a wide range of defence and space engineering products and solutions, has a strong start, with demand being led by retail investors. The IPO was oversubscribed by 16.53 times on day 1.

The company has raised Rs51cr towards the Anchor tranche of the initial public offering (IPO).

The portion reserved for retail investors was subscribed 31.29 times. While the Qualified Institutional Buyer category was subscribed 0.01 times, and the Non-Institutional Investor category was subscribed 3.77.

The price band is fixed at Rs165-175 apiece.

Five marquee investors participated in the Anchor Book; including marquee foreign portfolio investors and domestic investors (including Mutual Funds and Insurance Companies).

The Company informed the bourses that it has allocated 29,27,485 equity shares at an upper band of Rs175 per equity share on Monday, September 20, 2021, to Anchor Investors.

The bid/offer period in relation to its IPO of Equity Shares will open on Tuesday, September 21, 2021, and closes on Thursday, September 23, 2021.

Marquee investors includes Ashoka India Equity Investment Trust, Abakkus Emerging Opportunities Fund, Saint Capital Fund, Nippon Small Cap Fund and HDFC Focused 30 Fund.

#Paras #Defence #IPO #subscribed #times #Day

( With inputs from indiainfoline)