Paras Defence & Space Technologies IPO
Paras Defence & Space Technologies IPO — date, price band, lot size & details 2021
Paras Defence & Space Technologies listed on 1 Oct 2021 at ₹469, 168% above the ₹175 issue price.
Paras Defence and Space Technologies designs, makes and tests defence and space engineering products, including optics for defence and space programmes. Its total income was Rs 144.61 crore in FY2021.
Stock price
Paras Defence & Space Technologies is listed — here is the live share price.
Researched & reviewed by
Abhishek Vohera,
Founder, IPO Guru
Last updated
Figures sourced from the RHP, BSE & NSE
Timetable
Key dates from opening to listing. Today is 11 November.
- Open 21 Sep 2021
- Close 23 Sep 2021
- Allotment 28 Sep 2021
- Refund/credit 29 Sep 2021
- Listing 01 Oct 2021
Issue summary
The terms of the offer, as filed.
| IPO Dates | 21 to 23 Sep, 2021 |
|---|---|
| Price Band | ₹165 – ₹175 |
| Face Value | ₹10 |
| Lot Size | 85 Shares |
| Issue Size | ₹170.78 Cr |
| Sale Type | Fresh capital cum OFS |
| Listing On | BSE, NSE |
| Registrar | MUFG Intime India Private Limited |
| Min Investment | ₹ 14,875 |
Share of the offer set aside for each investor category, as stated in the offer document.
What will it cost me?
Bidding is in multiples of 85 shares at the ₹175 cut-off. Drag to size your application.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 85 | ₹14,875 |
| Retail (max) | 13 | 1,105 | ₹1,93,375 |
| S-HNI (min) | 14 | 1,190 | ₹2,08,250 |
| S-HNI (max) | 67 | 5,695 | ₹9,96,625 |
| B-HNI (min) | 68 | 5,780 | ₹10,11,500 |
Strengths & risks
Drawn from the offer document — the case for and against, side by side.
Strengths · 5
- 01Rs 140.60 crore of the Rs 170.78 crore issue was fresh capital for the company.
- 02It is the only Indian company with design capability for space optics and opto-mechanical assemblies, across 5 product categories.
- 03EBITDA rose from Rs 39.27 crore in FY2020 to Rs 43.40 crore in FY2021.
- 04Net worth grew from Rs 119.08 crore on 31 March 2019 to Rs 172.44 crore on 31 March 2021.
- 05Rs 34.66 crore of the fresh issue was planned for new machinery and equipment.
Risks · 5
- 01Total income fell from Rs 157.17 crore in FY2019 to Rs 144.61 crore in FY2021.
- 02Profit after tax fell from Rs 19.66 crore in FY2020 to Rs 15.79 crore in FY2021.
- 03The pre-issue P/E was 34.31 at the upper band of Rs 175, based on EPS of Rs 5.10.
- 04Total borrowing was Rs 106.10 crore on 31 March 2021, and most orders come from government defence and space agencies.
- 05Promoters and the promoter group held 79.4% before the issue and 58.93% after it.
Three years of numbers
All figures in ₹ crore, as reported in the Paras Defence & Space Technologies offer document.
| Metric | 31 Mar 2021 | 31 Mar 2020 | 31 Mar 2019 |
|---|---|---|---|
| Assets | 362.76 | 342.39 | 329.75 |
| Total Income | 144.61 | 149.05 | 157.17 |
| Profit After Tax | 15.79 | 19.66 | 18.97 |
| EBITDA | 43.40 | 39.27 | 42.83 |
| NET Worth | 172.44 | 138.74 | 119.08 |
| Reserves and Surplus | 176.84 | 144.21 | 146.68 |
| Total Borrowing | 106.10 | 103.40 | 84.95 |
See how this IPO compares — view listing performance of all mainboard IPOs.
Valuation & key ratios
Ratios are for the latest full financial year reported in the Paras Defence & Space Technologies RHP. EPS and P/E are post-issue — the table below carries the pre-issue comparison.
Paras Defence & Space Technologies IPO Valuation
How the issue prices the company before and after the fresh shares are created.
| Valuation Metric | Pre-Issue | Post-Issue |
|---|---|---|
| EPS (₹) | ₹5.10 | ₹4.05 |
| P/E Ratio (x) | 34.31 | 43.21 |
| Market Cap at Offer Price (₹ Cr) | ₹541.81 | ₹682.28 |
Pre-issue figures use the shareholding reported in the RHP; post-issue figures use the shareholding once the fresh issue has created new shares. The two differ because of that dilution and because post-issue earnings per share are often annualised, so the change can run in either direction. Market capitalisation is calculated at the ₹175 offer price. Compare the post-issue P/E against listed peers before deciding — a premium there is growth you are paying for in advance.
Where the money goes
₹124.45 Cr of the issue is earmarked to named objects.
About the company
It has five product categories: defence and space optics, defence electronics, heavy engineering, electromagnetic pulse protection solutions, and niche technologies. It is the only Indian company with design capability for space optics and opto-mechanical assemblies, and it also runs turnkey defence projects.
It has 2 manufacturing plants in Maharashtra and was expanding its facility at Nerul in Navi Mumbai.
The IPO was Rs 170.78 crore, with Rs 140.60 crore of fresh issue and Rs 30.18 crore of offer for sale. Rs 60.00 crore was planned for working capital and Rs 34.66 crore for machinery and equipment.
Interested in this IPO? Check the live subscription status or browse all upcoming mainboard IPOs.
The bankers & the filings
Who is running the book, and the documents this page is built from.
Paras Defence & Space Technologies IPO Documents
Read the filings this page is built from.
Lead Manager Track Record
How the book-running lead managers on this issue have priced their past IPOs, measured on listing day.
Anand Rathi Advisors Ltd
7 issues handledBest listing: Unimech Aerospace & Manufacturing (+86.0%). Weakest: Suraj Estate Developers (-5.6%).
Listing gain compares the listing-day opening price with the issue price, using the IPOs on IPO Guru that this lead manager has taken to market. A strong record reflects how the banker has priced past issues — it is not a forecast for this one. See every issue they have handled on the lead managers page.
Company contact
Frequently asked
What is the GMP of Paras Defence & Space Technologies?
The current Grey Market Premium is ₹230, or 131% over the issue price.
What is the Paras Defence & Space Technologies IPO price band?
₹165 to ₹175, on a face value of ₹10.
When is the allotment?
The basis of allotment is 28 September 2021, with listing on 1 October 2021.
How do I check allotment status?
On the IPO Guru allotment page or on the registrar's site — MUFG Intime India Private Limited.
Every number here traces back to a filing.
IPO Guru tracks GMP, subscription and allotment for every Mainboard and SME issue. Every number on this page is sourced from the RHP, BSE & NSE.
Not investment advice. Grey market premium is an unofficial, unregulated indicator and is not a forecast.
