Paras Defense and Space Technologies initial public offering (IPO) will open tomorrow, September 21, 2021


Main clients of Paras Defense include Bharat Electronics, Bharat Dynamics and Hindustan Aeronautics

Paras Defense and Space Technologies’ initial public offering (IPO) will open for subscription tomorrow, i.e. September 21, 2021, and close on September 16. The IPO of the Mumbai-based defense company will consist of a new issue of shares valued at Rs 140.60 crore and an offer to sell (OFS) of up to 1.72 million shares per existing promoters and shareholders. The IPO is expected to bring in Rs 170.7 crore at the high end of the price range. The shares are expected to go public on October 1.

The promoters, Sharad Virji Shah and Munjal Sharad Shah, and the individual shareholders viz. Munjal Shah, Shilpa Amit Mahajan and Amit Navin Mahajan will participate in the OFS.

Investors can bid on a minimum of 85 shares and in multiples thereafter, up to 13 lots. Half the size of the issue was reserved for qualified institutional buyers, 35% for retail investors and the remaining 15% for non-institutional investors.

The company will use the proceeds of the IPO to purchase machinery and equipment, finance additional working capital requirements and for general corporate purposes.

Paras Defense operates in five verticals, viz. defense and space optics, defense electronics, heavy engineering, electromagnetic pulse protection solutions and niche technologies. Its main clients include public sector defense companies such as Bharat Electronics, Bharat Dynamics and Hindustan Aeronautics, as well as companies in Belgium, Israel and South Korea.

Anand Rathi Advisors is the primary manager of the public problem, while Link Intime is the registrar of the problem.

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