Shares of Data Patterns To Make Debut On NSE, BSE On Friday
New Delhi: The shares of Data Patterns company which supplies electronic systems to defence and aerospace sector is expected to list on the bourses on Friday.
The company has already finalized share allotment and was subscribed 119.62 times till December 16. The issue on the last day of subscription received bids for 84, 89,85,725 shares against 70,97,285 shares on offer.
As per the Grey market observers, the Grey Market Premium aka GMP of Data Patterns has dipped to Rs 160.
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 Company had fixed a price band at Rs 555 – 585 per equity share of face value Rs 2/- each.
The offer for sale size was also cut from 6.07 million shares to 5.95 million planned earlier.
The company was 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 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.
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.
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