Another IPO is lined for next week amid the recent rush as Data Patterns (India) Ltd, which supplies electronic systems to defence and aerospace sector, has fixed a price band of ₹555-585 a share for its three-day initial public offering (IPO) that will open for public subscription from December 14-16. The bidding for anchor investors will open on December 13.
Data Patterns IPO details -
- The public issue comprises a fresh issue of shares worth ₹240 crore and an offer for sale (OFS) of 59.52 lakh equity shares by promoters and individual selling shareholders
- Data Patterns has reduced the size of its fresh issue to ₹240 crore from ₹300 crore planned earlier. The offer for sale size was also cut from 6.07 million shares to 5.95 million planned earlier
- The company is expected to fetch ₹588.22 crore at the upper end of the price band
- Data Patterns shares are commanding a strong premium (GMP) of ₹475 in the grey market today
- The OFS includes sale of up to 19.67 lakh shares each by Srnivasagopalan Rangarajan and Rekha Murthy Rangarajan, up to 75,000 by Sudhir Nathan, up to 4.15 lakh equity shares by G.K. Vasundhara and up to 15.28 lakh equity shares by other existing shareholders
- Proceeds from the fresh issue will be used for repayment of debt, funding its working capital and upgradation and expansion of its existing facilities besides general corporate purposes
- Shares of the company are expected to list on December 24, 2021 on exchanges.
- Founded by Srinivasagopalan Rangarajan and Rekha Murthy Rangarajan, Data Patterns is a vertically integrated defence and aerospace electronics solutions provider that caters to requirements across space, air, land and the sea.
- Data Patterns works closely with the defence PSUs such as Hindustan Aeronautics Ltd and Bharat Electronics Ltd as well as government organisations involved in defence and space research like DRDO
- IIFL Securities and JM Financial are the book running lead managers to the issue
