Data Patterns will use the proceeds for company expansion, repayment of debts, working capital requirements and up gradation of its existing facilities as well as general corporate purposes
Data Patterns (India) Ltd has opened its Initial Public Offering today, 14 December. The shares of the company have a fixed price band of Rs 555-585 apiece. The three-day issue of the Data Patterns IPO will remain open until 16 December.
As per the IPO Watch website, the shares of the Data Patterns issue have been subscribed 1.37 times till date. The portion of retail investors has been booked 2.37 times while the issue reserved for non-institutional investors has been subscribed 0.72 times
The company aims to raise Rs 588.22 crore from its initial public issue. The IPO comprises of fresh issue worth Rs 240 crore and an Offer for Sale of up to Rs 348.22 crore.
Data Patterns will use the proceeds for company expansion, repayment of debts, working capital requirements and up gradation of its existing facilities as well as general corporate purposes.
Investors can bid for a minimum of 25 shares, and it multiples later on. The minimum investment is Rs 14,625 for one lot at the upper end of the price range. A buyer can invest a maximum of Rs 1,90,125 for 13 lots of the Data Patterns issue.
Furthermore, the company has reserved 50 percent of its issue size for the qualified institutional buyers (QIBs). Of the remaining issue, 35 percent has been reserved for retail investors and 15 percent for non-institutional investors.
The shares of Data Patterns are tentatively scheduled to be allocated on 21 December. The registrar of the Data Patterns issue is Link Intime India Private Ltd while the book running lead managers are IIFL Securities and JM Financial.
Former Blackstone head Matthew Cyriac, through his company, Florintree Capital Partners LLP, has a 12.8 percent stake in Data Patterns.
The company was established by Rekha Murthy Rangarajan and Srinivasagopalan Rangarajan. The solution provider company supplies electronic systems to the country’s defence and aerospace sectors. The company works with Hindustan Aeronautics Ltd, Bharat Electronics Ltd, and other PSUs. It also works closely with Defence Research and Development Organisation (DRDO).