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Paras Defence IPO to open on Sep 21 at a price band of Rs 165-175/share

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Paras Defence and Space Technologies IPO comprises fresh issuance of shares worth Rs 140.6 crore and an offer of sale (OFS) of up to 17,24,490 shares worth around Rs 30.1 crore by promoters and existing shareholders.

Paras Defence IPO to open on Sep 21 at a price band of Rs 165-175/share
Paras Defence and Space Technologies will launch its initial public offering (IPO) on September 21 at a fixed price band of Rs 165-175 a share. The IPO will close on September 23, the company said in a statement.
The IPO comprises fresh issuance of shares worth Rs 140.6 crore and an offer of sale (OFS) of up to 17,24,490 shares worth around Rs 30.1 crore by promoters and existing shareholders. Those selling shares on the OFS are promoters Sharad Virji Shah, Munjal Sharad Shah and individual selling shareholders are Munjal Shah, Shilpa Amit Mahajan and Amit Navin Mahajan.
At the upper end of the price band, the IPO is expected to fetch Rs 170.7 crore. The company proposes to utilise the proceeds of the fresh issue to fund capital expenditure requirements, support incremental working capital needs and repayment or prepayment of loans availed by the company.
Investors can bid for a minimum of 85 equity shares and in multiples of 85 equity shares thereafter.
Half of the issue size has been reserved for qualified institutional buyers (QIBs), 35 percent for retail investors and the remaining 15 percent for non-institutional investors.
Anand Rathi Advisors is the book running lead manager to the issue. The equity shares of the company would be listed on BSE and NSE.
Paras Defence and Space Technologies is engaged in designing, developing, manufacturing and testing a wide range of defence and space engineering products and solutions.
The company is highly dependent on projects and programmes undertaken by the central government and associated entities, such as defence public sector undertakings and government organisations involved in space research.
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