Paras Defence Shares End At 185% Premium On Market Debut
Shares of Paras Defence & Space Technologies Ltd. surged on market debut after the company last week closed India’s most successful initial share sale at least since 2017.
The stock listed at Rs 475 apiece, a 171.4% premium to its IPO price of Rs 175, according to data available on the bourses. The scrip then hit the upper circuit at Rs 498.75, up 185% from its listing price.
Demand exceeded shares on offer by 304.2 times, the most so far this year surpassing MTAR Technologies Ltd, as investors piled into the defence engineering company. This also beat Salasar Techno Engineering Ltd.’s 273-times subscription in 2017.
The Rs 170.8-crore IPO by Paras Defence saw demand led by non-institutional investors, including wealthy investors, portfolio managers and other funds. Shares allocated for this category were subscribed 927.70 times.
The company joined a flurry of IPOs in the Indian market this year. The amount of money raised in IPOs in 2021 has already surpassed the total of the past three years. Newly-listed Indian stocks are beating the benchmark Nifty 50 by the most in seven years.