New Delhi: The initial public offering (IPO) of Data Patterns (India) Ltd opened for subscription on Tuesday. As of 10:59 am, the initial share sale attracted bids for 63.52 lakh equity shares against the IPO size of 70.97 lakh shares — subscribed 90 per cent within an hour on the first day. Retail individual investors’ portion was oversubscribed 1.52 times and non-institutional investors’ category was subscribed 0.58 times.
The three-day issue, with a price band of Rs 555-585 a share, will conclude on December 16.
Data Patterns has 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.
In the grey market, Data Patterns shares were quoting at a premium of Rs 550-570, according to market observers.
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, life insurance companies — HDFC Life Insurance Company, Tata AIA Life Insurance Co Ltd — and other institutional investors 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 PSUs such as Hindustan Aeronautics Ltd and Bharat Electronics Ltd as well as government organisations involved in defence and space research like DRDO.
IIFL Securities and JM Financial are the books running lead managers to the issue.