Paras Defence and Space Technologies is coming out with an initial public offering (IPO) to raise around Rs 170.77 crore. The issue will open on September 21, 2021 and will close on September 23, 2021. It has fixed a price band of Rs 165-175 per share. The shares of the company are proposed to be listed on both BSE and NSE.
The net proceeds from fresh issue of shares will be utilised for purchase of machinery and equipment; funding incremental working capital requirements, and repaying debts besides general corporate purposes. The offer for sale money will go directly to selling shareholders. The book running lead manager to the issue is Anand Rathi Advisors.
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 of the defence sector i.e. defence and space optics, defence electronics, electro-magnetic pulse (EMP) protection solutions and heavy engineering.