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Updated on: Friday, December 24, 2021, 11:37 AM IST

Data Patterns shares list at nearly 48% premium against issue price of Rs 585

The initial public offer of Data Patterns (India) Limited closed with 119.62 times subscription last week./ Representational image | Photo credit: Freepik

The initial public offer of Data Patterns (India) Limited closed with 119.62 times subscription last week./ Representational image | Photo credit: Freepik

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Shares of Data Patterns (India) Ltd, which supplies electronic systems to the defense and aerospace sector, on Friday listed with nearly 48 percent gains against the issue price of Rs 585.

The stock is listed at 864, reflecting a premium of 47.69 percent from the issue price on BSE.

Shares of the company are listed at Rs 856.05, a jump of 46.33 percent on NSE.

The company commanded a market valuation of Rs 4,190.37 crore in early trade. The initial public offer of Data Patterns (India) Limited closed with 119.62 times subscription last week.

The initial public offer had a fresh issue component of up to Rs 240 crore an offer for sale of up to 59,52,550 equity shares.

The price range for the offer was Rs 555-585 per share.

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

Founded by Srinivasagopalan Rangarajan and Rekha Murthy Rangarajan, Data Patterns is a vertically integrated defense and aerospace electronics solutions provider.

Its core competencies include design and development across electronic hardware, software, firmware, mechanical, product prototype besides its testing, validation, and verification.

Its involvement has been found across radars, underwater electronics/ communication, electronic warfare suites, avionics, small satellites, automated test equipment, and programs catering to Tejas light combat aircraft, light utility helicopter, BrahMos, and other communication and electronic intelligence systems.

It had developed the first nanosatellite ''NiUSAT'', which thereafter was deployed in 2017. In addition, two more satellites are in progress, the draft papers noted.

Data Patterns works closely with the defense PSUs such as Hindustan Aeronautics Ltd and Bharat Electronics Ltd as well as government organizations involved in defense and space research like DRDO.

(With inputs from PTI)

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Published on: Friday, December 24, 2021, 11:37 AM IST
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