Data Patterns shares make a remarkable entry into the market
When it debuted on the stock market, Data Patterns shares were listed with a health premium of 47% at ??856 per share on the NSE during the Friday trading session, compared to its IPO issue price of ??585 each. On BSE, the stock started trading at ??864 on the first day.
The initial public offering (IPO) of Data Patterns (India) Limited, which supplies electronic systems to the defense and aerospace industry, closed with 119.62 times the subscription which closed on 16 December. The company had set a price range of around ??555-585 per share for its initial three-day share sale.
The public offering includes a new issue of shares worth ??240 crore and an offer to sell (OFS) of 59.52 lakh shares by promoters and individual selling shareholders. The data models had collected ??176 crore from key investors prior to its issuance.
Founded by Srinivasagopalan Rangarajan and Rekha Murthy Rangarajan, Data Patterns is a vertically integrated defense and aerospace electronics solutions provider. The company is backed by former Blackstone chief Matthew Cyriac through Florintree Capital Partners LLP, which owns a 12.8% stake in the company.
Its core competencies include the design and development of electronic hardware, software, firmware, mechanical product prototypes, in addition to its testing, validation and verification.
Data Patterns works closely with defense power units such as Hindustan Aeronautics Ltd and Bharat Electronics Ltd, as well as government organizations involved in defense and space research like DRDO.
The company intends to use the net proceeds of the new issue for debt repayment, financing of its working capital and the modernization and expansion of its existing facilities in addition to the general objectives of the company. .
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