Data Patterns IPO Subscribed 3.30 Times On First Day Of Issue


Data Patterns IPO Subscribed 3.30 Times On First Day Of Issue

Data Patterns IPO received an overwhelming response on the first day of its issue

The initial public offer (IPO) of Data Patterns (India) Limited received a humungous response on the first day of its issue on Tuesday, as it was subscribed 3.30 times.

The public issue was subscribed 5.89 times in the retail category while the non-institutional investors category was subscribed 1.46 times.

The three-day issue, with a price band of Rs 555-585 a share, will conclude on December 16.

Data Patterns has already collected Rs 176 crore from anchor investors ahead of its IPO rollout.

The company has allotted 30.16 lakh equity shares to anchor investors, aggregating the transaction size to Rs 176.46 crore.

The anchor book has seen participation from domestic mutual funds including HDFC Mutual Fund (MF), ICICI Prudential MF, Axis MF, Kotak MF, Aditya Birla Sun Life MF and Tata MF.

In addition to this, life insurance companies namely HDFC Life Insurance Company and Tata AIA Life Insurance Company Limited as well as other institutional investors like Nomura Funds, White Oak Capital and Enam have also been allocated shares in the anchor book.

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.

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 that caters to requirements across space, air, land and the sea.

Data Patterns works closely with the defence public sector entities like Hindustan Aeronautics Limited and Bharat Electronics Limited as well as other government organisations involved in defence and space research like DRDO.