Share of Paras Defence and Space Technologies listed with a gain of 171.42 per cent from the issue price.
New Delhi: Paras Defence and Space Technologies made a stellar listing on the stock exchange on Friday, October 1. Shares of the defence equipment manufacturer were trading with a jump of 171% against its issue price of Rs 175.
Paras Defence stock listed on BSE at Rs 475, with a massive jump of 171.42 per cent from the issue price. Few minutes into the trade, the stock further zoomed 185 per cent to Rs 498.75, providing almost 3x returns to the investors.
Meanwhile, the shares listed at Rs 469 on NSE, rallying 168 per cent from the issue price. With the sudden hike in share price, the company now commands a market valuation of Rs 1,945.13 crore on the BSE.
Paras Defence and Space Technologies’ initial public offer already became a hit even before its listing on the exchanges. The IPO was subscribed 304.26 times. Notably, the price range of Paras Defence’s was set at Rs 165-175 per share. The IPO was also fully subscribed within hours of opening on the first day of subscription.
For those uninitiated, Paras Defence and Space Technologies is in the business of designing, developing, manufacturing, and testing a wide range of defence and space engineering products and solutions.
The company’s business is highly dependent on projects and programmes that are undertaken by the Centre. Its business also depends on associated entities such as defence public sector undertakings and government organisations involved in space research.
(With inputs from wires)
