 "Data Patterns IPO subscribed 120 times, generates Rs 50,000 cr in bids")
Data Patterns' initial public offering (IPO) garnered 120 times subscription and generated bids worth nearly Rs 50,000 crore.
The qualified institutional buyer (QIB) portion was subscribed 186 times, the high net worth individual (HNI) portion by 260 times, and the retail portion by 23.6 times.
The company had priced its IPO between Rs 555 to 585 per share. The
Rs 588 crore IP0 comprised of a fresh issue worth Rs 240 crore and an offer for sale (OFS) worth Rs 348 crore.
Ahead of its IPO, the company raised Rs 176 crore from anchor investors.
HDFC MF, ICICI Pru MF, Axis MF, Kotak MF, Birla MF, HDFC Life, Tata AIA Life, Nomura Funds, White Oak Capital and Enam were the investors who were allotted shares through the anchor book.
Data Patterns is a defence and aerospace electronics solutions provider catering to the indigenously developed defence products industry. The company offers defence and aerospace platforms products - space, air, land, and sea.
The company's core competencies include electronic hardware design and development, software design and development, firmware design and development and engineering services.
The company's manufacturing facility consists of a 100,000 square feet factory built on 5.75 acres of land in Chennai, which has facilities for design, manufacturing, qualification, and life cycle support of high-reliability electronic systems used in defence and aerospace applications.
The company is also planning to acquire an additional 2.81 acres of adjacent land for further expansion. As of July 31, 2021, Data Patterns had 760 employees with more than 450 qualified engineers.
The company plans to utilise the proceeds of the issue for repayment of its debts, funding working capital requirements and upgrading its facilities in Chennai.
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