24 Dec , 2021 By : Kanchan Joshi
On its stock market debut, Data Patterns shares got listed at a health premium of 47% at Rs856 per share on the NSE in Friday's trading session, as compared to its IPO issue price of Rs585 apiece. On BSE, the stock started trading at Rs864 on its first day.
The 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 closed on December 16. The company had fixed a price band in the range of Rs555-585 per share for its three-day initial share sale.
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. Data Patterns had collected Rs176 crore from anchor investors ahead of its issue.
Founded by Srinivasagopalan Rangarajan and Rekha Murthy Rangarajan, Data Patterns is a vertically integrated defence and aerospace electronics solutions provider. 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.
Its core competencies include design and development across electronic hardware, software, firmware, mechanical, product prototype besides its testing, validation, and verification.
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.
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.
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