Updated: December 14, 2021 6:26:44 pm
Data Patterns IPO: The initial public offering (IPO) of Data Patterns (India) opened for subscription on Tuesday, December 14, 2021. The offer got fully subscribed within a few hours of the opening and by the end of the first day of bidding, it was subscribed 3.30 times.
It received total bids for 2,34,31,875 shares across both the stock exchanges against 70,97,285 shares on offer, data from BSE showed.
The Rs 588.22 crore Data Patterns IPO will be available for subscription till Thursday, December 16, 2021, and the price band of the company has been fixed at Rs 555-585 per share.
Data Patterns (India) supplies electronic systems to the defence and aerospace sectors. It is a vertically integrated defence and aerospace electronics solutions provider that caters to requirements across space, air, land and sea.
The company is backed by former Blackstone head Matthew Cyriac via Florintree Capital Partners LLP, which holds a 12.8 per cent stake in the company.
Data Patterns IPO comprises a fresh issue of shares worth Rs 240 crore and an offer-for-sale (OFS) of 59.52 lakh equity shares by promoters and individual selling shareholders.
The OFS includes the 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.
The net 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.
Half of the IPO size has been reserved for qualified institutional investors (QIBs), 15 per cent for non-institutional investors and 35 per cent for retail investors.
Investors who wish to subscribe to Data Patterns IPO can bid in a lot of 25 equity shares and multiples thereafter. At the upper price band, they will be shelling out Rs 14,625 to get a single lot of Data Patterns (India). The shares will be listed on both BSE as well as the National Stock Exchange (NSE).
The applicants also must note that the cut-off time for UPI mandate confirmation is Friday, December 17, 2021, upto 12:00 pm. If they fail to do so then their application may not be considered.
JM Financial and IIFL Securities are the book running lead managers to the offer while Link Intime India is the registrar of the issue.
Data Patterns’ core competencies include design and development across electronic hardware, software, firmware, mechanical, product prototype besides its testing, validation and verification. Its involvement has been found across radars, underwater electronics/ communication, electronic warfare suites, avionics, small satellites, automated test equipment, and programmes catering to Tejas light combat aircraft, light utility helicopter, BrahMos and other communication and electronic intelligence systems.
It had developed the first nanosatellite “NiUSAT” which thereafter deployed in 2017. In addition, two more satellites are in progress, the draft papers noted.
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.
Before heading into the IPO, Data Patterns (India) raised over Rs 176 crore (Rs 1,76,46,71,805) from 23 anchor investors in lieu of 30,16,533 equity shares at Rs 585 each, data from the stock exchanges showed.
The anchor investors include the likes of HDFC Mutual Fund (MF), ICICI Prudential MF, Axis MF, Kotak MF, Aditya Birla Sun Life MF, Tata MF, HDFC Life Insurance Company, Tata AIA Life Insurance Co, Nomura Funds, White Oak Capital and Enam among others.
The share allotment is likely to take place on Tuesday, December 21, 2021, and the shares are expected to be listed on Friday, December 24, 2021, according to the timeline given in the red herring prospectus (RHP).
-with PTI inputs
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