Paras Defence at fresh record high; zooms 421% from IPO price

Paras Defence and Space Technologies was locked in a 20% upper circuit at Rs 911.85, extending its winning run to third consecutive trading session.

Shares of Paras Defence have rallied 51.19% in three trading days from its previous closing low of Rs 603.10 on 13 October 2021. The counter hit a record high of Rs 911.85 in intraday today. The stock has surged nearly 92% from its listing price of Rs 475. The counter has zoomed 421% from IPO price of Rs 175.

Shares of Paras Defence entered the bourses on 1 October 2021. The stock was listed at a price of Rs 475 per share, at a premium of 171.43% to the issue price of Rs 175 per share.

Paras Defence and Space Technologies is primarily engaged in designing, developing, manufacturing and testing of a wide range of defence and space engineering products and solutions. Its product offerings cater to four major segments of Indian defence sector i.e. defence and space optics, defence electronics, electro-magnetic pulse (EMP) protection solution and heavy engineering for defence and niche technologies.

The initial public offer (IPO) of Paras Defence and Space Technologies was subscribed 304.26 times. It opened for bidding on 21 September 2021 and closed on 23 September 2021. The price band of the IPO was fixed at Rs 165-175 per share.

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