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Home / Markets / Ipo /  Data Patterns IPO to open on 14 Dec; closes on 16 December
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Data Patterns India Ltd, which supplies electronic systems to defence and aero, initial public offering will open on 14 December for subscription and close on 16 December. The firm plans to list on 24 December on exchanges.
The firm has cut its fresh issue size to 240 crore from 300 crore earlier planned. The Offer for sale also cut from 6.07 million shares to 5.95 million earlier.
The OFS includes sale of up to 1.97 million shares each by Srnivasagopalan Rangarajan and Rekha Murthy Rangarajan, up to 75,000 by Sudhir Nathan, up to 4.15 lakh shares by G K Vasundhara and up to 1.65 million shares by other existing shareholders.
JM Financial and IIFL Securities are the book running lead managers to the issue.
The Chennai-based defence electronics company intends to utilise net proceeds from the fresh issue for repayment of debt, funding its working capital and upgradation and expansion of its existing facilities.
Data Patterns is backed by former Blackstone head Matthew Cyriac via Florintree Capital Partners LLP which holds a 12.8% stake in the firm. 

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