Paras Defence lists with 171% premium

 

Paras Defence lists with 171% premium

Mumbai, October 1, 2021: Paras Defense & Space Technologies Limited listed on BSE at Rs. 475 per share at 171% premium over its issue price. The scrip got listed at NSE at Rs. 469 per share, a 168 % per cent premium over its issue price of Rs 175. The shares of the company at day end closed at Rs. 498.75 per share on BSE and Rs. 492.45 per share on NSE. The initial public offering was offered at a lower price band of Rs 165 per share and higher price band of Rs 175.

As per BSE, the total quantity traded stood at 7.57 lac shares with a delivery quantity percentage of 100%. Quantity traded and delivery percentage at NSE was approx. 21.32 lac shares. Total Turnover (BSE+NSE) on Day 1 stood at Rs 139.36 crore.

The Market Capitalization of the Company post today’s closing price stood at Rs. 1945.13 crore as per BSE. 

The Offer was comprising of a fresh issuance of Equity Shares aggregating up to  ₹ 140.6 crores (“Fresh Issue”) and an offer for sale of up to 17,24,490 Equity Shares by Selling Shareholders. The portion reserved for the Non-Institutional Investor category was subscribed 927.70 times and the retail investors was subscribed 112.81 times and, While the Qualified Institutional Buyer category was subscribed 169.65 times.

Global defence spending is estimated to have touched US$1.98 trillion (tn) in 2020 with 2.6% YoY growth. Five largest spenders account for ~62%, including US, China, India, Saudi Arabia and Russia. India defence expenditure has been on a constant growth trajectory, largely on account of rising conflicts & border tensions with neighbours viz. China and Pakistan in addition to cross-border terrorism threats. The contribution of defence expenditure to GDP has risen from 2.2-2.3% to ~3% over a decade. The Indian Air Force (IAF) comprises more than ~39%of the defence capital outlay followed by the Army and Navy at 27% and 25%, respectively.