NEW IPO : Data Patterns (India), a company working for the defense sector, has filed a draft paper with SEBI for its IPO. The company intends to raise capital of Rs 600-700 crore. Under the public issue of Data Patterns (India), new shares worth Rs 300 crore will be issued while the existing promoters and shareholders will sell 60,70,675 equity shares under the offer for sale.
Pre-IPO placement to be worth Rs 60 crore
According to DRHP, Srinivasagopalan Rangarajan and Rekha Murthy Rangarajan will sell 19.67 lakh shares under the offer for sale. Sudhir Nathan will sell 75 thousand shares. GK Vasandura will sell 4.15 lakh equity shares. While some other shareholders will jointly sell 16.47 lakh equity shares, this Chennai-based defense electronics company can raise capital of Rs 60 crore under pre-IPO placement. If this much capital is raised, the capital to be raised from the new shares will be deducted.
Issue size will be Rs 600 to 700 crore
According to market sources, the size of the IPO of Data Patterns (India) can be 600 to 700 crores. The company can use this capital to pay off debt, meet its working capital requirements and for expansion and up-gradation of its existing plants. Data Patterns has been invested by Matthew Cyriac, former chief of the investment company Blackstone. This investment has been made through Florintree Capital Partners LLP. The company has a 12.8 percent stake in Data Patterns.
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What does the company do?
The foundation of this company was laid by Srinivasagopalan Rangarajan and Rekha Murthy Rangarajan. The company provides defense and aerospace electronic solutions. It provides defense and aerospace electronics solutions in space, air, land and sea. Data Patterns works closely with Hindustan Aeronautics Limited and Bharat Electronics, an organization working in defense and research research, apart from DRDO.
The order book of the company has grown at a CAGR of 40 per cent over the last four years and now stands at Rs 582.30 crore. In the financial year 2020-21, the company had achieved a revenue of Rs 226.65 crore. The revenue in the financial year 2019-20 was Rs 160.19 crore. The company’s profit in the financial year 2020-21 was Rs 55.57 crore, while the profit in the financial year 2019-20 was Rs 21.05 crore. IIFL Securities and JM Financial are managing the book running of this IPO.
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