23 Dec , 2021 By : Kanchan Joshi
Data Patterns shares are expected to list on leading stock exchanges BSE and NSE on Friday, December 24, 2021. The three-day initial public offering (IPO) of Data Patterns (India) Limited, which supplies electronic systems to defence and aerospace sector, closed with 119.62 times subscription that concluded on December 16.
The public issue comprises a fresh issue of shares worth Rs240 crore and an offer for sale (OFS) of 59.52 lakh equity shares by promoters and individual selling shareholders. The company fixed a price band of Rs555-585 a share for its three-day initial share sale that opened on December 14. Data Patterns had collected Rs176 crore from anchor investors ahead of its issue.
As per market observers, Data Patterns shares premium, that slipped in the past few days, has surged and now commanding a GMP of around Rs300 in the grey market today, a day ahead of its shares listing.
Data Patterns is a vertically integrated defence and aerospace electronics solutions provider. Its core competencies include design and development across electronic hardware, software, firmware, mechanical, product prototype besides its testing, validation, and verification.
The company intends to utilise the net proceeds from the fresh issue for debt repayment, funding its working capital, and up-gradation and expansion of its existing facilities besides general corporate purposes.
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.
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