List of Data Patterns stocks at nearly 48% premium
Shares of Data Patterns (India) Ltd, which supplies electronic systems to the defense and aerospace industry, listed on Friday with nearly 48% gains over the issue price of Rs 585.
The share listed at 864, reflecting a premium of 47.69% over the issue price on BSE.
The company’s shares listed at Rs 856.05, a jump of 46.33% on NSE.
The company ordered a market valuation of Rs 4,190.37 crore at the start of trading.
Data Patterns (India) Limited’s initial public offering closed with a subscription 119.62 times last week.
The initial public offer included a new issue component of up to Rs 240 crore and a sale offer of up to 59 52,550 shares.
The offer price range was Rs 555 to 585 per share.
Data Patterns is backed by former Blackstone director Matthew Cyriac through Florintree Capital Partners LLP, which owns a 12.8% stake in the company.
Founded by Srinivasagopalan Rangarajan and Rekha Murthy Rangarajan, Data Patterns is a vertically integrated defense and aerospace electronics solutions provider.
Its core competencies include the design and development of electronic hardware, software, firmware, mechanical product prototypes, in addition to its testing, validation and verification.
Its involvement has been found in radars, underwater electronics / communication, electronic warfare suites, avionics, small satellites, automated test equipment and programs for Tejas light combat aircraft, helicopters. light utility vehicles, BrahMos and other communications and electronic intelligence systems.
It had developed the first “NiUSAT” nanosatellite, which was then deployed in 2017. In addition, two more satellites are underway, the draft documents noted.
Data Patterns works closely with defense power units such as Hindustan Aeronautics Ltd and Bharat Electronics Ltd, as well as government organizations involved in defense and space research like DRDO.