Investors piled into Data Patterns (India) Ltd.'s Rs 588.20-crore initial public offering on the final day.
The issue received a demand of 3.30 times and 7.68 times the shares on offer on the first and second days, respectively.
The IPO comprises a fresh issue of Rs 240 crore and an offer for sale of 59.52 lakh shares by promoters and shareholders worth Rs 348.2 crore, according to the company's red herring prospectus. The company is selling shares at Rs 555-585 apiece, pegging the market value at Rs 3,035.4 crore at the upper end.
The company plans to use the proceeds from the fresh issue to prepay or repay all or a portion of certain outstanding borrowings, fund working capital requirements, and to upgrade and expand existing facilities at Chennai.
Prior to the IPO, the defence and aerospace electronics solutions provider raised Rs 176 crore from anchor investors by allotting 30.2 lakh shares at Rs 585 apiece.
Subscription Details: Day 3
The IPO was subscribed 119.62 times as of 5 p.m. on Dec. 16.
Institutional investors: 190.86 times.
Non-institutional investors: 254.22 times.
Retail investors: 23.14 times.
Research Reports On Data Patterns IPO:
Data Patterns IPO - Huge Defence, Aerospace Opportunity; Healthy Order Book: Reliance Securities
Data Patterns IPO - Fastest Growing Player In Defence, Electronics Space: ICICI Direct
Data Patterns IPO - Valuations, Views, Financials, Risks, Concerns: Motilal Oswal
Data Patterns IPO - Capitalising Opportunities: Yes Securities
Watch BloombergQuint's IPO Adda With Data Patterns' Management
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