Data Patterns IPO subscribed 119.62 times

The IPO on the last day of subscription received bids for 84,89,85,725 shares against 70,97,285 shares on offer, according to the NSE data.

The initial public offer of Data Patterns (India) Limited, which supplies electronic systems to defence and aerospace sector, closed with 119.62 times subscription on Thursday.

The IPO on the last day of subscription received bids for 84,89,85,725 shares against 70,97,285 shares on offer, according to the NSE data.

The category for non-institutional investors was subscribed a whopping 254.22 times, Qualified Institutional Buyers (QIBs) received 190.86 times subscription, and Retail Individual Investors (RIIs) 23.14 times.

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 on Monday collected Rs 176 crore from anchor investors.

The company intends to utilise the net proceeds from the fresh issue for debt repayment, funding its working capital, and up-gradation 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.

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 programmes 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 under progress, the draft papers noted.

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.

JM Financial and IIFL Securities were the managers of the offer.

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