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Paras Defence and Space Technologies Limited has raised ₹51 crores towards the anchor tranche of its initial public offering (IPO). £
Five marquee investors participated in the Anchor Book including marquee foreign portfolio investors and domestic investors (including mutual funds and insurance companies). Marquee investors include Ashoka India Equity Investment Trust, Abakkus Emerging Opportunities Fund, Saint Capital Fund, Nippon Small Cap Fund and HDFC Focused 30 Fund.
High precision optical instruments
Paras Defence and Space Technologies Limited is the sole Indian supplier of critical imaging components such as large size optics and diffractive gratings for space applications in India. The company manufactures high precision optics for defence and space applications such as thermal imaging and space imaging systems.
The company informed the bourses that it has allocated 29,27,485 equity shares at an upper band of ₹175 per equity share on Monday, September 20, to Anchor Investors. The bid/offer period in relation to its IPO of Equity Shares will open on Tuesday, September 21, and closes on Thursday, September 23. The offer comprises a fresh issuance of equity shares aggregating up to ₹1,406 million and an offer for sale of up to 17,24,490 equity shares by selling shareholders.
Also see: PayNearby cash collection crosses ₹350 crore in monthly GTV
Paras Defence and Space Technologies Limited has contributed towards some of the most prestigious defence programmes and under its defence electronics operations it has managed to provide a wide array of high performance computing and electronic systems for defence applications, including sub systems for border defence, missiles, tanks and naval applications.
The company has undertaken and delivered customised turnkey projects in the defence segment, especially in the defence electronics and EMP protection segments. Currently, the company operates through two manufacturing facilities in Maharashtra, located at Nerul (Navi Mumbai) and Ambernath (in Thane).
At the domestic front, the company’s customer base ranges from government organizations involved in defence and space research to various defence public sector undertakings like Bharat Electronics Limited (BEL), Electronic Corporation of India Limited (ECIL) and Hindustan Aeronautics Limited (HAL); and supply products and solutions to private entities including Tata Consultancy Services Limited, Solar Industries India Limited and Alpha Design Technologies Limited. The company has also catered to various foreign customers.
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