The initial public offer of Data Patterns (India) Limited, which supplies electr🐟onic systems to the defence and aerospace 💙sector, was subscribed 3.30 times on the first day of subscription on Tuesday.
The Rs 588.22-crore initial share sale rec♛eived bids for 2,34,31,875 shares against 70,97,285 shares on offer, according to data with the NSE.
The retail individual investors (RIIs) category was subscribed 5.89 times and non-instit🔯utional investors 1.46 times.
The initial public offer has a fresh issue component of up to Rs 240 crore and an offer for sale up to 59,52,550🥂 equity shares.
Data Patterns IPO has a price range of Rs 555-585 per share. The company on 🌄Monday colle⭕cted Rs 176 crore from anchor investors.
The company intends to utilise the net proceeds from the fresh issue for repayment of the debt, funding its working capital a💯nd up-gradation and expansion of its existing facilities besides general corporate purposes.
JM Financial and II🐼FL Securities are the managers of the offer.
Data Patterns is backed by former Blackstone head Matthew Cyriac via Florintree Capital Partners LLP, which holds a 1ꦍ2.8 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 thꦿe sea.
Its core competencies include design and development across electronic hardware, software, firmware, mechanical, product prototype bes♉ides its testing, validation and verification.
Its involve🌄ment has been found across radars, underwater electronics/ communication, electronic warfare suites, avionics, small satellites, automated test equipment, and programmes catering t💃o Tejas light combat aircraft, light
utility helicopter, B🀅rahMos and other comm🎀unication and electronic intelligence systems.
It had developed the first nanosatellite "NiUSAT", which thereafter deployed in ༺2017. In addition, two more satellites are in progress, t🙈he draft papers noted.
Data Patterns works closely with the defence PSUs such as Hindustan Aero🦄nautics Ltd and Bharat Electronics Ltd as well as government organisations involved in defence and space research like DRDO.
