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Mumbai: Mumbai-based Paras Defense and Space Technologies Ltd on Tuesday filed its draft red herring prospectus (DRHP) with market regulator Securities and Exchange Board of India (Sebi) to float an initial public offering.

Paras Defense and Space Technologies' caters to four major segments of Indian Defence Sector namely defence and space optics, defence electronics, electro-magnetic pulse (“EMP") protection solution, and heavy engineering.

The issue comprises a fresh issuance of equity shares worth 120 crore and an offer of sale of up to 1.72 million equity stocks by promoters and existing shareholders, the draft red herring prospectus (DRHP) filed with Sebi showed.

It intends to utilize the net proceeds of the issue to purchase machinery and equipment, funding incremental working capital requirements, repaying certain borrowings and for general corporate purposes.

At the domestic front, the company's customer base ranges from PSUs to various defense public sector undertakings like Bharat Electronics Ltd, Bharat Dynamics Ltd and Hindustan Aeronautics Ltd. Currently, it operates through two manufacturing facilities in Maharashtra, at Navi Mumbai and Thane. It also has foreign customers in Belgium, Israel, South Korea.

The company's total income was 149.05 core for the fiscal year ended 31 March 2020, and 37.94 crore for the six-month period ended 30 September 2020. Consolidated profit after tax was at 19.65 crore for the fiscal year ended 31 March 2020, and it incurred a loss of 0.14 crore for the six-month period ended 30 September 2020.

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