Paras Defence skyrockets 2.85 times offer price on stock market debut

The company now holds record for most-subscribed IPO and best-listing day performance

Shares of Paras Defence and Space Technologies gained 2.85 times their offer price at their stock market debut on Friday. The stellar gains follow its blockbuster IPO which was subscribed 318 times. The company, engaged in manufacturing and testing of defence and space engineering products, now holds the record for best-listing day performance as well as most subscribed IPO at least in the past decade.

Its stock ended at Rs 499 versus issue price of Rs 175 per share. The scrip could gain more next week as it ended at its upper trading limit.

Paras Defence’s IPO, which closed on