Updated: September 24, 2021 10:19:21 am
Paras Defence IPO subscription status: The initial public offering (IPO) of defence and space engineering products manufacturer Paras Defence and Space Technologies, which was launched earlier this week and got oversubscribed within minutes, was met with a very high demand by the investors.
Paras Defence IPO was subscribed a whopping 304.26 times on the final day, data available on the BSE showed. The Rs 171 crore offer received bids for over 217.26 crore (2,17,26,31,875) shares against the total issue size of 71.40 lakh (71,40,793) shares, the data showed.
The shares which are to be allocated for the qualified institutional buyers (QIBs) was subscribed 169.65 times, while those of non institutional investors was subscribed a whopping 927.70 times and that of retail individual investors (RIIs) was subscribed 112.81 times, the data showed.
Half of the issue size was reserved for QIBs, 35 per cent for the RIIs and the remaining 15 per cent for non-institutional investors.
The IPO comprises fresh issuance of shares worth Rs 140.6 crore and an offer of sale (OFS) of up to 17,24,490 equity stocks by promoters and existing shareholders.
The IPO had opened for subscription on Tuesday, September 21, 2021, and concluded at 5 pm Thursday, September 23, 2021. It had a price band of Rs 165-175 per share and before heading into the IPO, Paras Defence raised over Rs 51.23 crore (Rs 51,23,09,875.00) from five anchor investors in lieu of 29,27,485 equity shares at Rs 175 each.
Going ahead, investors will now look forward to the share allotment date of the issue. The finalisation of the basis of allotment for Paras Defence and Space Technologies is expected to take place on Tuesday, September 28, 2021, as per the information provided in the red herring prospectus.
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