Paras Defence IPO Oversubscribed Within An Hour Of Opening

Paras Defence and Space Technologies is planning to raise Rs 170.78 crore in the IPO which consists of fresh issue of Rs 140.60 crore.

Paras Defence and Space Technologies shares were in very high demand among the investors as its share sale via initial public offering (IPO) was oversubscribed within an hour of opening. Paras Defence's IPO was subscribed 4.69 times by 11:06 am, data from the National Stock Exchange showed. Over 3.34 crore bids were received for Paras Defence shares compared with 71.40 lakh shares on the offer. A total of 2.73 crore bids were received at the cut-off price.

Paras Defence and Space Technologies shares in very high demand particularly among the retail individual investors as the portion reserved for them was subscribed 6.13 times. While, non-institutional investors and qualified institutional buyers (QIBs), which include financial institutions and foreign institutional investors showed subdued interest for Paras Defence shares. Portion reserved for non-institutional investors was subscribed 0.07 times while QIBs did not place any bids for Paras Defence shares, NSE data showed as of 11:10 am.

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, is planning to raise Rs 170.78 crore in the IPO which consists of fresh issue of Rs 140.60 crore and an offer for sale of Rs 30.18 crore.