Data Patterns (India), a defence and aerospace electronics solutions provider, is set to launch its initial public offering (IPO) on December 14. The price band and lot size will be announced on December 9.
The offer, which will close on December 16, is the ninth public offer to open this month. The IPO comprises a fresh issue of shares worth Rs 240 crore and an offer for sale of 5.95 million shares by the promoters.
The company said the size of the fresh issue was reduced to Rs 240 crore from Rs 300 crore after Rs 60 crore was raised from a pre-IPO placement of over 1 million shares at an average selling price of Rs 577 a share.
Promoters Srinivasagopalan Rangarajan and Rekha Murthy Rangarajan will offload 1.97 million shares each. Sudhir Nathan, GK Vasundhara and other shareholders will sell more than 2 million shares.