Paras Defence and Space Technologies' initial public offering (IPO) will open for subscription on September 21. The Mumbai-based defence company's IPO will comprise a fresh issue of shares worth Rs 140.60 crore and an offer for sale of up to 1.72 million shares by promoters and existing shareholders. The public issue will close on September 16 and the shares are likely to be listed on the BSE and NSE on October 1.
Retail investors can apply for a minimum one lot size of 20 shares and in multiples thereof, up to 13 lots. The company will utilise the IPO proceeds to purchase machinery and equipment, fund incremental working capital requirements and for general corporate purposes.
Paras Defence focuses on defence and space optics, defence electronics and heavy engineering. It caters to defence public sector undertakings such as Bharat Electronics, Bharat Dynamics and Hindustan Aeronautics, and clients in Belgium, Israel and South Korea. The company's manufacturing units are located in Navi Mumbai and Thane.