Paras Defence and Space Technologies' IPO to open 21 September

By Ravindra N. Sonavane
Paras Defence's total income was at ₹149.05 core for the fiscal ended 31 March 2020, while consolidated net profit for there period was at ₹19.65 crore. (Photo: iStock)

MUMBAI : The three-day initial public offering (IPO) of Paras Defence and Space Technologies Ltd will open for subscription on 21 September. The IPO comprises a fresh issue of equity shares worth 140.60 crore and an offer for sale of up to 1.72 million shares by promoters and existing shareholders. It plans to list on 1 October.

The Mumbai-based firm, which focuses on defence and space optics, defence electronics, electromagnetic pulse protection solution, and heavy engineering, intends to utilize the net proceeds of the IPO to purchase machinery and equipment, fund incremental working capital requirements, repay debt and for general corporate purposes.

Paras caters to defence public sector undertakings such as Bharat Electronics Ltd, Bharat Dynamics Ltd and Hindustan Aeronautics Ltd. It operates manufacturing units in Navi Mumbai and Thane. It also has clients in Belgium, Israel and South Korea.

Paras reported total income of 149.05 core in FY20, and 37.94 crore for the six months ended 30 September 2020. Consolidated profit after tax stood at 19.65 crore in FY20, while it incurred a loss of 14 lakh for the six-month period ended 30 September 2020.

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