Paras Defence IPO Subscribed 16.57 Times On Day 1

Paras Defence & Space Technologies Ltd.'s Rs 170.80-crore initial public offering got off to a strong start, with demand being led by retail investors.

The IPO, according to the red herring prospectus, comprises a fresh issue of 80.34 lakh shares and an offer-for-sale of 17.24 lakh shares by promoter shareholders and other investors. The price band is fixed at Rs 165-175 apiece.

The Navi Mumbai-based defence and space engineering company is seeking a market of Rs 683 crore at the upper end of the price band.

The issue will close on Sept. 23. The company aims to utilise the funds by expanding capacity, augmenting working capital requirement and repaying certain borrowings.

Subscription Details: Day 1

The IPO was subscribed 16.57 times as of 5 p.m. on Sept. 21.

• Institutional investors: 0.01 times.

• Non-institutional investors: 3.77 times.

• Retail investors: 31.36 times.

Research Reports On Paras Defence And Space Technologies IPO:

• Well Positioned To Benefit From 'Make In India' Initiatives: ICICI Direct

• Investment Rationale, Future Growth Strategies: KRChoksey

• Financials, Valuations, Risks, Concerns: Motilal Oswal

Watch BloombergQuint's IPO Adda With Paras Defence And Space Technologies' Munjal Shah: