Electronic systems supplier to the defense and aerospace sector, Data Patterns (India) Limited’s initial public offering (IPO) will be unveiled tomorrow, December 14.
The issue, with a price range of Rs 555-585 per share, will be open for public subscription between December 14 and 16.
The issue is expected to fetch Rs 588.22 crore at the higher end of the price range.
Ahead of its IPO, the company announced today that it has raised Rs 176 crore from anchor investors.
The company has allocated 30.16 lakh shares to anchor investors at Rs 585 each, aggregating the transaction size to Rs 176.46 crore, according to a circular on the Bombay stock exchange website.
The anchor book has seen participation from domestic mutual funds including HDFC Mutual Fund (MF), ICICI Prudential MF, Axis MF, Kotak MF, Aditya Birla Sun Life MF and Tata MF.
In addition, life insurance companies such as HDFC Life Insurance Company and Tata AIA Life Insurance Company Limited as well as other institutional investors Nomura Funds, White Oak Capital and Enam have also been allocated shares in the anchor book.
The public offering includes a new share issue worth Rs 240 crore and an offer for sale (OFS) of 59.52 lakh shares by promoters and individual selling shareholders.
The OFS includes the sale of up to 19.67 lakh shares by Srinivasagopalan Rangarajan and Rekha Murthy Rangarajan, up to 75,000 by Sudhir Nathan, up to 4.15 lakh shares by GK Vasundhara and up to 15.28 lakh shares by other existing shareholders.
The company plans to use the net proceeds from the new issue to repay debt, finance its working capital and upgrade and expand its existing facilities in addition to general corporate purposes.