Data Patterns IPO: Latest GMP as all eyes on shares listing

Data Patterns IPO had a fresh issue component of up to ₹240 crore an OFS of up to 59,52,550 equity shares, Avaneesh Parasar

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 concluded on December 16. The public issue on the last day of subscription received bids for 84,89,85,725 shares against 70,97,285 shares on offer.

As the share allotment has been finalized, all eyes are set on the listing date as the stock is expected to make its debut on leading exchanges BSE and NSE this week on Friday, December 24, 2021. However, Data Patterns shares premium (GMP) in the grey market today has dipped to ₹160.

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. The company fixed a price band of ₹555–585 a share for its three-day initial share sale that opened on December 14. Data Patterns had collected ₹176 crore from anchor investors ahead of its issue.

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. Data Patterns is backed by former Blackstone head Matthew Cyriac via Florintree Capital Partners LLP, which holds a 12.8 per cent stake in the company.

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