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Updated on: Tuesday, December 14, 2021, 12:48 PM IST

Data Patterns IPO subscribed 1.05 times on day 1; raises Rs 176 cr from anchor investors

The initial public offering (IPO) is expected to fetch Rs 588.22 crore at the upper end of the price band. / Representative Image | Photo: Pixabay

The initial public offering (IPO) is expected to fetch Rs 588.22 crore at the upper end of the price band. / Representative Image | Photo: Pixabay

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The initial public offering of Data Patterns India sees bids for 74.45 lakh equity shares against the IPO size of 70.97 lakh equity shares, being subscribed 1.05 times on December 14, the first day of bidding, Money Control reported.

The initial public offering (IPO) is expected to fetch Rs 588.22 crore at the upper end of the price band. Of which Rs 176 crore was raised from anchor investors, including HDFC Mutual Fund, ICICI Prudential, Kotak Mutual Fund, Volrado Venture Partners Fund, and Nomura, on December 13, the media report said.

The company intends to utilise net proceeds from the fresh issue for repayment of debt, funding its working capital and upgradation and expansion of its existing facilities besides general corporate purposes.

Retail investors bought 1.79 times of the shares reserved for them, and non-institutional investors have put in bids for 65 percent of the shares allotted to them. Qualified institutional buyers are yet to put in their bids.

Data Patterns (India) Ltd, which supplies electronic systems to defence and aerospace sector, on Thursday said has fixed a price band of Rs 555-585 a share for its Rs 588 crore initial public offering.

The public issue comprises a fresh issue of shares worth Rs 240 crore and an offer for sale (OFS) of 59.52 lakh equity shares by promoters and individual selling shareholders.

The OFS includes sale of up to 19.67 lakh shares each by Srnivasagopalan Rangarajan and Rekha Murthy Rangarajan, up to 75,000 by Sudhir Nathan, up to 4.15 lakh equity shares by G.K. Vasundhara and up to 15.28 lakh equity shares by other existing shareholders.

Half of the issue size has been reserved for qualified institutional investors, 35 per cent for retail investors, and the remaining 15 per cent for non-institutional investors. Investors can bid for a minimum of 25 equity shares and in multiples of 25 thereafter.

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

(With inputs from agencies)

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Published on: Tuesday, December 14, 2021, 12:44 PM IST
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