Paras Defence and Space Technologies shares made a stunning debut on the stock market on Friday. Paras Defence stock opened at Rs 469 apiece on the NSE, a 168 per cent premium to its higher end of the offer price of Rs 175. The listing price of Paras Defence and Space Technologies share on BSE was at Rs 475, up 171 per cent.

Paras Defence and Space Technologies initial public offering received an overwhelming response from the investors. Paras Defence and Space Technologies IPO was subscribed 304.26 times. The Rs 171-crore public issue received bids of over 217.26 crore shares against the total issue size of over 71.40 lakh shares. The price band of Paras Defence IPO was fixed at Rs 165-175 per share.

Paras Defence and Space Technologies Ltd  is one of the leading ‘Indigenously Designed Developed and Manufactured’ (IDDM) category Indian private sector company engaged in designing, developing, manufacturing and testing of a wide range of defence and space engineering products and solutions. The valuation of IPO at a price band of Rs 165-175 per share at p/e multiple of 34x on FY21 PAT basis. “Paras Defence and Space Technologies has wide range of products & solutions for both defence and space applications. Paras Defence Limited being one of the few players in high precision optics manufacturing for space and defence application in India has strong R&D capabilities with focus on innovation & is well positioned to benefit from the government’s Atmanirbhar Bharat and “Make in India” initiatives. Also company’s strong order book gives good revenue visibility going forward,” Hem Securities earlier said in a note.