Amid the recent rush as Data Patterns (India) Ltd., which supplies electronic systems to the defense and aerospace sector, is gearing up for another IPO next week, has fixed a price band. 555-585 per share for its three days Initial Public Offering (IPO) Which will open for public subscription from December 14-16. Anchor investors’ bids will open on December 13.
Data Pattern IPO Details –
- Public issue includes fresh issue of shares 240 crore and offer of sale (OFS) of 59.52 lakh equity shares by promoters and individual sale shareholders
- Data Pattern has reduced the size of its new issue 240 crores from Earlier the plan was 300 crores. The size of the offer for sale was also reduced from 6.07 million shares to 5.95 million previously planned.
- the company is expected to bring 588.22 cr at the upper end of the price band
- Data Patterns Are Earning a Strong Premium (GMP) of Stock 475 in gray market today
- The OFS includes sale of 19.67 lakh shares by Srinivasagopalan Rangarajan and Rekha Murthy Rangarajan, up to 75,000 by Sudhir Nathan, up to 4.15 lakh equity shares by GK Vasundhara and 15.28 lakh equity shares by other existing shareholders.
- The proceeds from the new issue will be used for repayment of debt, financing its working capital and for general corporate purposes apart from upgrading and expanding its existing facilities.
- The company’s shares are expected to be listed on the exchanges on December 24, 2021.
- Founded by Srinivasagopalan Rangarajan and Rekha Murthy Rangarajan, Data Patterns is a vertically integrated defense and aerospace electronics solutions provider that meets requirements in space, air, land and sea.
- The data pattern works closely with defense PSUs such as Hindustan Aeronautics Limited and Bharat Electronics Limited as well as government organizations involved in defense and space research such as DRDO.
- IIFL Securities and JM Financial are the Book Running Lead Managers of the issue
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