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Data Patterns IPO: Electronic systems supplier to the defence and aerospace sector Data Patterns (India) Ltd has raised 176 crore from anchor investors ahead of its IPO launch on Tuesday.

Data Patterns allotted 30.16 lakh equity shares to the anchor investors at 585 apiece, raising a total of 176.46 crore, a circular uploaded on the BSE website said.

Domestic mutual funds including HDFC Mutual Fund (MF), ICICI Prudential MF, Axis MF, Kotak MF, Aditya Birla Sun Life MF and Tata MF participated in anchor book fundraise.

HDFC Life Insurance Company, Tata AIA Life Insurance Co Ltd, Nomura Funds, White Oak Capital and Enam also took part in the anchor book. The public issue comprises a fresh issue of shares worth 240 crore and an offer-for-sale (OFS) of 59.52 lakh equity shares by 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 equity shares by GK Vasundhara and up to 15.28 lakh equity shares by other existing shareholders.

Data Patterns has fixed a price band of 555-585 a share for its three-day initial public offering (IPO) that will open for public subscription from December 14-16. The bidding for anchor investors will open on December 13. The IPO is expected to fetch 588.22 crore at the upper end of the price band.

Data Patterns IPO details -

1) The public issue comprises a fresh issue of shares worth 240 crore and an offer for sale (OFS) of 59.52 lakh equity shares by promoters and individual selling shareholders

2) Data Patterns has reduced the size of its fresh issue to 240 crore from 300 crore planned earlier. The offer for sale size was also cut from 6.07 million shares to 5.95 million planned earlier

3) The company is expected to fetch 588.22 crore at the upper end of the price band

4) Data Patterns shares are commanding a strong premium (GMP) of 475 in the grey market today

5) The OFS includes 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 equity shares by G.K. Vasundhara and up to 15.28 lakh equity shares by other existing shareholders

6) Proceeds from the fresh issue will be used for repayment of debt, funding its working capital and upgradation and expansion of its existing facilities besides general corporate purposes

7) Shares of the company are expected to list on December 24, 2021 on exchanges.

8) 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.

9) 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

10) IIFL Securities and JM Financial are the book running lead managers to the issue.

Also read: Data Patterns IPO: GMP, price band, things to know in 10 points as issue opens next week

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