Paras Defence IPO listing date on BSE & NSE: Listing on Oct 1, Check GMP; What to expect?

After a great response during the subscription (subscribing record 304 times), Paras Defence and Space Technologies IPO is all set to make a mega debut on the Indian bourses - NSE (National Stock Exchange) and BSE (Bombay Stock Exchange) - on Friday, October 1. The Initial Public Offering with such a mega subscription can expect trading at over 100%, according to experts.

The reason for Paras Defence IPO's staggering response could be the government's 'Atmanirbhar Bharat' and 'Make in India' push in the private defence sector. The IPO was subscribed over 927.70 times by non-institutional investors, 169.65 times by Qualified Institutional Buyers and 112.81 times by retail investors.

Paras Defence IPO listing GMP

The Grey Market Premium of Paras Defence and Space Technologies was around Rs 200 on Thursday. The GMP suggests that the public issue will open at a premium of over 100%. On September 28, the GMP was around Rs 250.

The price band for the Paras Defence and Space Technologies IPO was fixed at Rs 165 at the lower limit and Rs 175 at the upper limit. The Paras Defence IPO comprises of a fresh issue of Rs 140.6 crore and an OFS (Offer for Sale) up to 17,24,490 equity shares by existing investors. At the upper end, the issue is expected to fetch Rs 170.7 crore

Those selling shares on OFS are promoters - Munjal Sharad Shah and Sharad Virji Shah, and individual selling shareholders are Shilpa Amit Mahajan, Munjal Shal and Amit Navin Mahajan.

Ahead of the IPO, Paras Defence raised over Rs 51 crore from anchor investors. The defence engineering company allotted 29,27,485 shares at Rs 175 a piece, at the transaction value of Rs 51.23 crore. Abakkus Emerging Opportunities Fund-1, Nippon India Mutual Fund, HDFC Mutual Fund, Ashoka India Equity Investment Trust Plc and Saint Capital Fund participated in the anchor book, according to a circular uploaded on BSE.

About Paras defence

Based in Maharashtra's Navi Mumbai, the engineering firm designs, develops and tests a wide range of defence equipment at its development and research facilities. The company's major clients are Bharat Electronics. Hindustan Aeronautics and Bharat Dynamics along with foreign companies in Israel, Belgium and South Korea.