Paras Space and Defense Technologies: Shares trade at 125% premium in grey market

Paras Space and Defense Technologies is all set to launch its first public offering on 21st September. The issue will be open for bidding from 21st September to 23rd September.

The IPO will be including a fresh issue of equity shares worth Rs. 140.6 Crores and an Offer for Sale of around 17,24,490 shares from the company’s promoters and shareholders. The price band of the issue is fixed at Rs 165 – 170 per share.

In the grey market, the shares of the company demonstrated a massive jump on 20th September and are now trading at a high premium of Rs 220 per share. This is a hike of nearly 125 per cent over the higher price band of the issue.

The company plans to use the proceeds of the issue for procuring equipment and machines, repayment of certain debts and to fund working capital requirements.