Paras Defense IPO share allotment announced. What GMP Indication

Allotment status can be checked online on BSE website Here Or on the official registrar of Paras Defense IPO, link Intime India Pvt Ltd website Here.

As per market observers, Paras Defense shares are available at Premium (GMP) ₹225 in the gray market today. The shares of Paras Defense are expected to be listed on both the major stock exchanges NSE and BSE on October 1.

The refund is likely to commence within a day of finalization of the share allotment, and credit of the shares to the demat account of the allotted bidders is expected on 30 September 2021.

The Qualified Institutional Buyers (QIBs) category was subscribed 169.65 times, non-institutional investors 927.70 times and Retail Individual Investors (RIIs) 112.39 times.

Paras Defense’s subscription figures surpassed the previous high subscription numbers of Salasar Techno Engineering Ltd (273.05x), Apollo Micro Systems Ltd (248.5x) and Astron Paper & Board Mill Ltd (241.8x).

NS ₹171 crore share sale involved a fresh issue of shares up to ₹140.6 crore and offer for sale of 17,24,490 shares by existing shareholders. Paras Defense had priced its shares between Rs 165-175. The company had achieved a little more ₹51 crore from anchor investors before its IPO.

The proceeds from the fresh issue will be used to meet the capital expenditure requirements, to meet the growing working capital requirements and for repayment or prepayment of loans taken by the company. The company is engaged in the design, development, manufacturing and testing of a wide range of Defense and Space Engineering products and solutions.

The business of Paras Defense and Space Technologies is heavily dependent on projects and programs that are undertaken by the central government and related entities, such as defense public sector undertakings and government organizations involved in space research.