Data Pattern raises ₹176 cr from anchor investors ahead of IPO launch

Data Pattern allotted 30.16 lakh equity shares to anchor investors 585 each, in total 176.46 crore, said a circular uploaded on the BSE website.

Domestic mutual funds including HDFC Mutual Fund (MF), ICICI Prudential MF, Axis MF, Kotak MF, Aditya Birla Sun Life MF and Tata MF participated in the anchor book fundraise.

HDFC Life Insurance Company, Tata AIA Life Insurance Company Ltd., Nomura Funds, White Oak Capital and Enam also participated in the anchor book. Public issue includes fresh issue of shares 240 crore and Offer for Sale (OFS) of 59.52 lakh equity shares by promoters and individual sale shareholders.

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 data pattern has set a price band of 555-585 per share for its three-day initial public offering (IPO) which will open for public subscription from December 14-16. The bidding for anchor investors will open on December 13. IPO is expected 588.22 cr at the upper end of the price band.

Data Pattern IPO Details –

1) 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

2) 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.

3) the company is expected to bring 588.22 cr at the upper end of the price band

4) Data Patterns Are Earning a Strong Premium (GMP) of Stock 475 in gray market today

5) 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.

6) 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.

7) The shares of the company are expected to be listed on the exchanges on December 24, 2021.

8) 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.

9) 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.

10) IIFL Securities and JM Financial are the Book Running Lead Managers of the issue.

Read also: Data Pattern IPO: GMP, Price Bands, 10 Points to Know As Issue Opens Next Week