Paras Defence IPO makes bumper market debut at nearly 170% premium; exceeds Anil Singhvi’s listing expectations
The shares of Paras Defence and Space Technologies made a bumper exchanges debut on Friday, beyond the listing expectations of Zee Business Managing Editor and the Market Guru Anil Singhvi.
The shares of Paras Defence and Space Technologies made a bumper exchanges debut on Friday, beyond the listing expectations of Zee Business Managing Editor and the Market Guru Anil Singhvi.
Paras Defence shares got listed around 170 per cent higher premium at Rs 475 per share on the BSE and Rs 469 per share on the NSE, as compared to its issue price of Rs 175 per share at the upper end.
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The managing editor in his listing preview had expected, Paras Defence shares to list between Rs 400-450 per share range against issue price of Rs 175 per share and suggested investors to keep stop loss of Rs 350 per share.
The counter made a 52-week high of Rs 498.75 per share on the BSE and Rs 492.5 per share on the NSE, while it touched Rs 456 per share on the BSE and Rs 460 per share on the NSE as 52-week low while starting its stock market journey today.
After listing, the Paras Defence shares are likely to continue the surge, provided fund companies pick up the company’s shares, which could act as trigger for more growth in share price, Singhvi had said.
The Managing Editor in his IPO preview had suggested to subscribe to this share sale for bumper listing gains along with a long-term perspective investment. He, apparently, had predicted, the issue would get a bumper response provided the business model of the company.
The initial public offer of the company was subscribed for whooping 304 times between September 21-23, 2021. It had received bids for 2,17,26,31,875 shares against 71,40,793 shares on offer, as per the data available on the exchanges.
The offer received massive response from non-institutional investors category, as it subscribed 927.70 times, followed by Qualified Institutional Buyers (QIBs) 169.65 times and Retail Individual Investors (RIIs) applied 112.81 times in three days.
The net proceeds of the fresh issue would be used to fund capital expenditure requirements, to support incremental working capital needs, and repayment or prepayment of loans availed by the company.
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