Paras Defence IPO subscribed 318x

The initial public offering (IPO) of Paras Defence and Space Technologies garnered 318 times subscription and generated bids worth ~38,021 crore.

Market experts said in terms of oversubscription this has become the most subscribed IPO, surpassing the previous record of Salasar Technologies, which was subscribed 273 times.

The IPO saw 3.6 million retail applications, and that portion was subscribed 118 times, while the institutional portion garnered 175 times subscription.

The high networth individual (HNI) portion was subscribed 974 times with bids of nearly ~25,000 crore.

The frenzied application came amid an 80 per cent premium for Paras Defence’s shares in the unofficial grey market.

The price band for the IPO is ~165-175 per share.

At the top end, it will have a market capitalisation of ~683 crore on a post-diluted basis. The company’s IPO comprises ~140.6 crore fresh fundraise and ~30.2 crore secondary share sale.