Data Patterns IPO To Open Tomorrow For Subscription. Read Details Here


Data Patterns IPO To Open Tomorrow For Subscription. Read Details Here

Data Patterns IPO will open for subscription on December 14

Supplier of electronics systems to the defence and aerospace sector, Data Patterns (India) Limited’s initial public offer (IPO) will unveil tomorrow, December 14.

The issue, with a price band of Rs 555-585 a share, will open for public subscription between December 14-16.

The issue is expected to fetch Rs 588.22 crore at the upper end of the price band.

Prior to its IPO, the company announced today that it has collected Rs 176 crore from anchor investors.

The company has allotted 30.16 lakh equity shares to anchor investors at Rs 585 apiece, aggregating the transaction size to Rs 176.46 crore, according to a circular on the Bombay stock exchange website.

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 like HDFC Life Insurance Company and Tata AIA Life Insurance Company Limited as well as 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.

The OFS includes sale of up to 19.67 lakh shares each by Srinivasagopalan 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.

The company intends to utilise the 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.