Latest News | Paras Defence Makes Stellar Market Debut; Stock Ends with 185 Pc Premium

New Delhi, Oct 1 (PTI) Shares of Paras Defence and Space Technologies on Friday made a dream debut and were 185 per cent higher at close of trade against its issue price of Rs 175.

The stock listed at Rs 475, reflecting a huge jump of 171.42 per cent from the issue price on the BSE. It further zoomed 185 per cent to close at Rs 498.75 -- its upper circuit limit.

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On the NSE, it listed at Rs 469, rallying 168 per cent from the issue price. It settled at Rs 492.45, up 181.40 per cent.

The company commanded a market valuation of Rs 1,945.13 crore on the BSE.

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In traded volume terms, 7.57 lakh shares were traded at the BSE and over 21 lakh shares at the NSE during the day.

The initial public offer of Paras Defence and Space Technologies received a whopping 304.26 times subscription last month.

Price range for the offer was at Rs 165-175 per share.

The initial public offer (IPO) was fully subscribed within hours of opening on the first day of subscription.

The company is engaged in designing, developing, manufacturing, and testing a wide range of defence and space engineering products and solutions.

Paras Defence and Space Technologies' business is highly dependent on projects and programmes are undertaken by the central government and associated entities, such as defence public sector undertakings and government organisations involved in space research.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)