Paras Defence and Space Technologies Limited (“Company”); one of the ‘Indigenously Designed Developed and Manufactured Company’ (“IDDM”) category private sector companies in India is proposing to open its initial public offering of Equity Shares (the “Offer”) on Tuesday, September 21, 2021, and closes on September 23, 2021. The price band for the Offer has been determined at  ₹ 165 – ₹ 175 per Equity Share.

The Offer comprises a fresh issuance of Equity Shares aggregating up to  ₹ 1,406 million (“Fresh Issue”) and an offer for sale of up to 17,24,490 Equity Shares by Sharad Virji Shah, Munjal Sharad Shah (the “Promoter Selling Shareholders”) and Ami Munjal Shah, Shilpa Amit Mahajan and Amit Navin Mahajan (the “Individual Selling Shareholders”, and together with the Promoter Selling Shareholders, “Selling Shareholders”)

The Company intends to utilize the net proceeds from the Fresh Issue towards the purchase of machinery and equipment, funding incremental working capital requirements, repayment or prepayment of all or certain borrowings, and for general corporate purposes.

The Company has undertaken and delivered customized turnkey projects in the defence segment, especially in the defence electronics and EMP protection segments. Currently, the Company operates through two manufacturing facilities in Maharashtra, located at Nerul (Navi Mumbai) and Ambernath (in Thane).

At the domestic front, the Company’s customer base ranges from government organizations involved in defence and space research to various defence public sector undertakings like Bharat Electronics Limited (BEL), Electronics Corporation of India Limited (ECIL) and Hindustan Aeronautics Limited (HAL); and supply products and solutions to private entities including Tata Consultancy Services Limited, Solar Industries India Limited and Alpha Design Technologies Limited. The Company has also catered to various foreign customers. Anand Rathi Advisors Limited is the book running lead manager to the Offer (“BRLM”).