Data Patterns IPO opens on December 14; sets the price range at Rs 555-585 per share
The public offering includes a new issue of shares valued at Rs 240 crore and an offer to sell (OFS) of 59.52 lakh shares by the promoters and individual selling shareholders.
The OFS includes the sale of up to 19.67 lakh shares each by Srnivasagopalan Rangarajan and Rekha Murthy Rangarajan, up to 75,000 by Sudhir Nathan, up to 4.15 lakh shares by GK Vasundhara and up to 15, 28 lakh shares by other existing shareholders.
The Initial Public Offering (IPO) is expected to bring in Rs 588.22 crore at the high end of the price range.
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. .
Half the size of the issue was reserved for qualified institutional investors, 35% for retail investors and the remaining 15% for non-institutional investors.
Investors can bid on a minimum of 25 stocks and in multiples of 25 thereafter.
Data Patterns is backed by former Blackstone director Matthew Cyriac through Florintree Capital Partners LLP, which owns 12.8% of the company’s capital.
Founded by Srinivasagopalan Rangarajan and Rekha Murthy Rangarajan, Data Patterns is a vertically integrated defense and aerospace electronics solutions provider that meets the needs of space, air, land and sea.
Its core competencies include the design and development of electronic hardware, software, firmware, mechanical product prototypes, in addition to its testing, validation and verification.
Its involvement has been found in radars, underwater electronics / communication, electronic warfare suites, avionics, small satellites, automated test equipment and programs for Tejas light combat aircraft, helicopters. light utility vehicles, BrahMos and other communications and electronic intelligence systems.
It had developed the first “NiUSAT” nanosatellite which was deployed in 2017. In addition, two more satellites are underway, the draft documents noted.
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’s backlog has grown at a CAGR (compound annual growth rate) of 40.72% over the past four years and as of July 2021 stood at Rs 582.30 crore.
For fiscal year 21, the operating income of the company was Rs 226.55 crore compared to Rs 160.19 crore in the previous fiscal year. Its net profit for the period stood at Rs 55.57 crore compared to Rs 21.05 crore in 2019-2020.
The main culprits are IIFL Securities and JM Financial.