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Paras Defence and Space Technologies Ltd made a stellar debut on the bourses on Friday, listing at a whopping 171 per cent premium over the issue price of ₹175.00.
The stock opened at ₹475 on the BSE, at 171.43 per cent premium over issue price, up ₹300.00. It then jumped to ₹498.75, up ₹323.75 or 185 per cent over the issue price.
The company has fixed the IPO price at ₹175, at the upper end of the ₹165-175 price band. The public issue saw the largest ever subscription at 304 times. The IPO comprised a fresh issue of up to ₹140.60 crore and an offer-for-sale of up to 17.24 lakh shares by promoters and individual stakeholders. The company will use the funds for capital expenditure, working capital, repayment or prepayment of certain borrowings and outstanding loans.
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