Ahead of its December 14 public issue, Data Patterns quoted a premium of Rs 250 or 42 percent at the upper price band in the grey market on Wednesday, according to data from IPO Watch.
The defence and aerospace electronics solutions provider fixed the price band for the issue at Rs 555-585 per equity share, which will close for subscription on December 16. Anchor book of the company, if any, will open for bidding on December 13, a day before the issue opens.
Check out all the IPO related news here
The offer comprises a fresh issue of Rs 240 crore and an offer-for-sale of 5.95 million equity shares by promoters, and the company is looking to raise a total of Rs 588 crore.
The proceeds from the fresh issue will be used to repay its loans, support working capital, and upgrade and expand facilities at Chennai.
Investors can bid for a minimum of 25 equity shares and in multiples of 25 shares thereafter. Retail investors can invest a minimum of Rs 14,625 for a single lot and their maximum investment would be Rs 1,90,125 for 13 lots.
Catch all the live market action here
Half of the offer is reserved for qualified institutional investors, 35 percent for retail investors, and the remaining 15 percent for non-institutional investors.
Data Patterns designs strategic defence and aerospace electronics solutions, including processors, power, radio frequencies and microwave, embedded software and firmware and mechanical engineering.
The share allotment of the company will be finalised by December 21. Unsuccessful bidders will get refunds by December 22, and successful investors will get shares in their demat accounts by December 23.
The company’s shares are expected to list on the BSE and the National Stock Exchange on December 24. JM Financial and IIFL Securities are the book-running lead managers to the issue.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
