The Initial Public Offer (IPO) of Data Patterns India Ltd., a company that supplies electronic systems for the defense and aerospace industries, will open for subscription on December 14. The bidding for the IPO can be done till December 16. The company is planning to list on the exchanges on December 24. The company had earlier planned to bring an issue of Rs 300 crore, but now it has been reduced to Rs 240 crore. Along with this, the offer-for-sale (OFS) size has also come down from 60.7 lakh shares to 59.5 lakh shares.
IPO will open for subscription on December 14
The IPO of Data Patterns India Ltd, a company that supplies electronic systems to defense and aero companies, will open for subscription on December 14. The issue will close on December 16. The listing of shares of the company can be done on December 24. Earlier the company intended to raise Rs 300 crore through IPO but the issue size was reduced to Rs 240 crore. Offer for sale has been reduced from 60.7 lakh shares to 59.5 lakh shares.
What will happen under Offer for Sale?
Under the Offer for Sale (OFS), the company’s shareholders include Srinivasagopalan Rangarajan 19.7 lakh shares, Rekha Murthy Rangarajan 19.7 lakh shares, Sudhir Nathan 75,000 shares, GK Vasundhara 4.15 lakh shares and other shareholders will sell 16.5 lakh shares. Data Patterns has appointed JM Financial and IIFL Securities as Book Running Lead Managers for the IPO.
What will the company do with the fund?
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 for more than 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 the book running managers of this IPO.
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