New Delhi: Shares of Data Pattern (India) made a stellar debut at the exchanges on Friday. The stock got listed at Rs 864 on the BSE index, a premium of 47.69 per cent over its issue price of Rs 585. On NSE, the scrip started trading at 856.05.
The electronics solutions provider for defence and aerospace sector’s initial public offer (IPO) had received a good response from investors as it was subscribed 119.62 times.
The company had allotted 30.16 lakh equity shares to anchor investors, aggregating the transaction size to Rs 176.46 crore.
The anchor book witnessed participation from domestic mutual funds including HDFC Mutual Fund (MF), ICICI Prudential MF, Axis MF, Kotak MF, Aditya Birla Sun Life MF and Tata MF.
The public issue comprised a fresh issue of shares worth Rs 240 crore and an offer-for-sale (OFS) of 59.52 lakh equity shares by promoters and individual selling shareholders.
Data Patterns is backed by former Blackstone head Matthew Cyriac via Florintree Capital Partners LLP, which holds a 12.8 per cent stake in the company.
Founded by Srinivasagopalan Rangarajan and Rekha Murthy Rangarajan, Data Patterns is a vertically integrated defence and aerospace electronics solutions provider that caters to requirements across space, air, land and the sea.
Data Patterns works closely with the defence PSUs such as Hindustan Aeronautics Ltd and Bharat Electronics Ltd as well as government organisations involved in defence and space research like DRDO.
IIFL Securities and JM Financial were the books running lead managers to the issue.