Paras Defence and Space Technologies’ initial public offering (IPO) to open for subscription tomorrow i.e. September 21, 2021 and shut on September 16. The IPO of the Mumbai-based defence firm will encompass a contemporary situation of shares value Rs 140.60 crore and a suggestion on the market (OFS) of as much as 1.72 million shares by promoters and present shareholders. The IPO is anticipated to garner Rs 170.7 crore on the higher finish of the worth band. The shares are more likely to record on the bourses on October 1.
Promoters, Sharad Virji Shah and Munjal Sharad Shah, and particular person shareholders viz. Munjal Shah, Shilpa Amit Mahajan and Amit Navin Mahajan will take part within the OFS.
Investors can bid for at least 85 shares and in multiples thereafter, upto 13 heaps. Half of the difficulty dimension has been reserved for certified institutional consumers, 35 per cent for retail traders and the remaining 15 per cent for non-institutional traders.
The firm will utilise the IPO proceeds to buy equipment and gear, fund incremental working capital necessities and for normal company functions.
Paras Defence operates in 5 verticals viz. defence and area optics, defence electronics, heavy engineering, electromagnetic pulse safety options and area of interest applied sciences. Its main purchasers embody defence public sector undertakings corresponding to Bharat Electronics, Bharat Dynamics and Hindustan Aeronautics, and corporations in Belgium, Israel and South Korea.
Anand Rathi Advisors is the guide working lead supervisor to the public situation, whereas Link Intime is the registrar to the difficulty.