New Delhi: Data Patterns (India) Limited will open its Initial Public Offering (IPO) on December 14, 2021 and it will remain open for subscription till December 16, 2021.
The Company has fixed a price band at Rs 555 – 585 per equity share of face value Rs 2/- each.
The IPO comprises a fresh issue of Rs 240 crore from Rs 300 crore planned earlier and an offer for sale of 59,52,550 equity shares by selling shareholders.
The offer for sale size was also cut from 6.07 million shares to 5.95 million planned earlier.
The company is expected to fetch Rs 588.22 crore at the upper end of the price band. The company has reserved 50 per cent of the net issue for Qualified Institutional Buyers (QIB), 15 per cent for Non-Institutional Investors (NII) while for the retail investors the company has reserved 35 percent.
The promoters currently hold 57.08 percent in the company. Their holding will come down to 44.99 percent after this issue.
Investors can bid for a minium of 25 equity shares and in multiples of 25 shares thereafter. Retail investors can invest a minimum of Rs 14,625 for a single lot and their maximum investment would be Rs 1,90,125 for 13 lots.
Where the proceeds will be used?
The proceeds raised from the issue will be used for prepayment / repayment of certain outstanding borrowings availed by the company. The proceeds will further be used for funding its working capital requirements and for upgrading and expansion of its existing facilities at Chennai and general corporate purposes.
Data Patterns GMP
As per the market observers, the Grey Market Premium (GMP) of the company is Rs 560.
Data Patterns profile
Founded by Srinivasagopalan Rangarajan and Rekha Murthy Rangarajan, the company supplies electronic systems to defence and aerospace sector and it is one of the fastest-growing companies in this sector.