Paras Defence’s IPO Subscribed More Than 40 Times

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The bulk of bids came from retail investors. The price and of the IPO is in the range of Rs 165 to Rs 175 a share

Paras Defence and Space Technologies’ IPO was subscribed more than 40 times on Wednesday. The IPO of the company closes today. The bulk of bids came from retail investors. The price and of the IPO is in the range of Rs 165 to Rs 175 a share.

The company intends to utilize the net proceeds from the Fresh Issue towards purchase of machinery and equipment, funding incremental working capital requirements, repayment or prepayment of all or certain borrowings and for general corporate purposes.

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Paras Defence manufactures high precision optics for the defence and space applications such as thermal imaging and space imaging systems. As per the F&S Report, it is the only Indian Company to have the design capability for space-optics and opto-mechanical assemblies.

One more defense company files for IPO

Chennai-based supplier of electronic systems to defence and aerospace sector, Data Patterns (India) Ltd. has filed its draft red herring prospectus (DRHP) with market regulator Securities and Exchange Board of India to raise finance through an initial public offering (IPO). As per market sources, the company is expecting to raise Rs 600-700 crore.

The public issue comprises a fresh issue of Rs 300 crore and an offer for sale of 60,70,675 equity shares by promoter and individual selling shareholders. The OFS includes sale of up to 1.97 million shares each by Srinivasagopalan Rangarajan and Rekha Murthy Rangarajan, up to 75000 by Sudhir Nathan, up to 414775 equity shares by G.K. Vasundhara and upto 1.65 million by other existing shareholders.

For FY21, the company’s revenue from operations was at Rs 226.55 crore against Rs 160.19 crore a year ago. Net profit for the period stood at Rs 55.57 crore versus Rs 21.05 crore last year.

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