Paras Defence share price: Shares of Paras Defence and Space Technologies made a blockbuster debut and got listed at a premium of over 171 per cent above their issue price in the stock exchanges today.
The scrip got listed at Rs 475.00 apiece on the BSE, thereby registering a gain of 171.43 per cent from its offer price of Rs 175.00, while on the National Stock Exchange (NSE), it opened at Rs 469.00, up 168.00 per cent from the issue price.
The stock continued its momentum and hit the initial 5 per cent upper circuit on the bourses, an intraday high of Rs 498.75 on BSE and Rs 492.45 on the NSE so far during the first few minutes of trade.
At 10:10 am, the scrip was locked at Rs 498.75 on the BSE, up 185.00 per cent from the issue price while on NSE it was frozen at Rs 492.45.
Over 19.45 lakh shares of Paras Defence and Space Technologies were traded on the NSE during the first 10 minutes of trade, while nearly 6 lakh shares exchanged hands on the NSE, data from the respective stock exchanges showed.
The Rs 171 crore initial public offering (IPO) of defence and space engineering products manufacturer Paras Defence and Space Technologies was subscribed a whopping 304.26 times during its offer period from September 21-23.
The IPO of Paras Defence and Space Technologies comprised 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.
Paras Defence and Space Technologies is engaged in designing, developing, manufacturing and testing a wide range of defence and space engineering products and solutions. Its business 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.