Paras Defence IPO Subscribed Over 40 Times On Day 2
Retail investors led the bidding for Paras Defence's shares.
Retail investors continued to lead subscription on the second day of Paras Defence & Space Technologies Ltd.'s Rs 170.8-crore initial public offering.
The offer was subscribed 40.57 times at the end of day 2.
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 value of Rs 683 crore at the upper end of the price band. The offer was subscribed 16.57 times at the end of the first day.
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 2
The IPO was subscribed 40.57 times as of 5 p.m. on Sept. 22.
Institutional investors: 1.67 times.
Non-institutional investors: 26.32 times.
Retail investors: 68.57 times.