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On Day 2, Data Patterns IPO subscribed 7.68 times

Data Patterns (India) Limited, a vertically integrated defence and aerospace electronics solutions supplier serving to the indigenously manufactured defence goods sector, launched its initial public offering on December 14 and received a lot of interest from retail investors.

According to 1700 hours statistics accessible on the bourses, the offer received bids for 5,44,91,050 shares against the proposed 70,97,285 equity shares.

Retail investors bid 12.42 times the number of shares allotted for them, while non-institutional investors bid 5.20 times the number of shares reserved for them. The part for qualified institutional purchasers was 0.92 times subscribed. The issue was subscribed to 7.68 times in total.

The primary offering is completely comprised of offer for sale (OFS) shares having a face value of Rs 2 each, in which existing shareholders and promoters are dumping equity shares worth Rs 555–585 apiece.

The public offering consists of a new issuance of Rs 240 crore and a promoter and individual selling stockholders offer to sell 59,52,550 equity shares.

Srnivasagopalan Rangarajan may sell up to 19,67,013 equity shares, Rekha Murthy Rangarajan may sell up to 19,67,012 equity shares, Sudhir Nathan may sell up to 75,000 equity shares, G.K. Vasundhara may sell up to 4,14,775 equity shares, and existing shareholders may sell up to 15,28,750 equity shares under the OFS.

On Monday, Data Patterns collected Rs 176 crore from anchor investors, who were given 30,16,533 equity shares at the Rs 585 per share upper price range.

 

 

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