On NSE, the scrip debuted at Rs 469, up 168 per cent.
Ahead of listing the stock was quoting a super solid premium of Rs 220-230 in the grey market, adding to the euphoria over the counter.
The Rs 170.78 crore IPO, which was sold from September 21 to 23, received a record breaking response from investors. The issue was subscribed 304 times during the offer period.
The quota reserved for qualified institutional buyers category was subscribed about 170 times, the non-institutional investors’ quota 927.70 times and retail individual investors’ (RIIs) portion 113 times.
Paras Defence is engaged in designing, developing, manufacturing and testing of a wide range of defence and space engineering products and solutions, catering to four major segments- defence and space optics, defence electronics, electro-magnetic pulse (EMP) protection solutions and heavy engineering.
The Navi Mumbai-based company is also the sole Indian supplier of critical imaging components such as large sized optics for space applications. It has two manufacturing facilities in Maharashtra.
The company has no comparable peers for it. Most analysts were gung-ho over the issue as Paras is seen as a beneficiary of the government’s ‘Atmanirbhar Bharat’ and ‘Make in India’ initiatives. Most brokerages had a subscribe rating to the IPO.
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