Paras Defence and Space Technologies Ltd announced its final share allotment on Tuesday, September 28. The Initial Public Offering (IPO) was open for subscription from September 21 to 23.

The public issue saw an overwhelming response as it was subscribed 304 times with investors bidding for 217 crore shares against the 71.40 crore shares on offer. The price band of the IPO was fixed at Rs 165-175 per share.

For those who have not been allotted the shares, the initiation of a refund procedure will begin from today, September 29. The expected listing date of Paras Defence IPO is October 1, 2021.

Here is all you need to know about the company:

Paras Defence, a Mumbai-based defence engineering company, is primarily engaged in designing, developing, manufacturing and testing a variety of defence and space engineering products and solutions.

The firm is one of the leading providers of optics for various Indian defence and space programs. It has two manufacturing plants set up in Maharashtra. The company is also in the process of expanding its current manufacturing facility at Nerul in Navi Mumbai.

Furthermore, it claims to be the only Indian company with the design capability for space-optics and optomechanical assemblies. Its offerings are aligned with the “Atmanirbhar Bharat” and “Make in India” initiatives by the government.

Major clients of the company are Bharat Dynamics, Hindustan Aeronautics and Bharat Electronics, along with international firms in South Korea, Belgium and Israel.

Paras Defence’s total assets account for around Rs 363 crore as of this year.

The Paras Defence IPO has received a very strong response from investors, especially from qualified institutional buyers and non-institutional investors.

The fresh issue proceeds would be used by the company to fund capital expenditure requirements, to support incremental working capital needs and repayment or prepayment of loans availed.