Data Patterns’ IPO opens today; GMP at ₹550 — Check out other important details
- Data Patterns, an electronic solutions provider for the defence and aerospace segment, is planning to raise ₹588 crore through the IPO.
- The IPO is open for subscription from today and will conclude on December 16.
- Shares of the company are commanding a premium of ₹550 in the grey market.
AdvertisementChennai-based Data Patterns, an electronic solutions provider for the defence and aerospace segment, will open its initial public offering (IPO) today, December 14.
The company is looking to raise ₹588 crore through the IPO with a price band of ₹555 to ₹585 per share.
The issue comprises a fresh issue of ₹240 crore and an offer for sale of 59.52 lakh equity shares by selling shareholders.
The company will use the proceeds from the fresh issue towards repayment of debt, funding its working capital and upgradation and expansion of its existing facilities besides general corporate purposes
The IPO might gain good traction given the shares of Data Patterns are commanding a premium of ₹550 per share in the grey market.
Incorporated in 1985, Data Patterns is an integrated defence and aerospace electronics solutions provider that caters to requirements across space, air, land and the sea.
Here are some of the important dates related to the IPO:
|Price band||₹265 to ₹274|
|IPO open date||December 16|
|IPO close date||December 20|
|Allotment date||December 23|
|Initiation of refunds||December 24|
|Credit of shares to demat account||December 27|
|IPO listing date||December 28|
The company has worked with several marquee customers in the Indian defence ecosystem, including the Indian government defence ministry, BrahMos, Defence Research and Development Organisation, the Indian government space organisation, Hindustan Aeronautics, Bharat Electronics and other public sector undertakings involved in the missile space.
Adding to it, the company believes that it is well positioned to benefit from the ‘Make in India’ opportunity.
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