 "Data Patterns shares zoom 29% in stellar market debut")
Shares of Data Patterns (India) Ltd, which supplies electronic systems to defence and aerospace sector, on Friday listed with nearly 48 per cent higher against the issue price of Rs 585 and settled with 29 per cent gains.
The stock listed at Rs 864, reflecting a premium of 47.69 per cent from the issue price on BSE. It settled at Rs 754.85, a jump of 29.03 per cent.
Shares of the company listed at Rs 856.05, a jump of 46.33 per cent on NSE. It settled at Rs 750.50, a gain of 28.29 per cent.
The company commanded a market valuation of Rs 3,916.66 crore.
In volume terms, 10.44 lakh shares were traded on BSE and over 1.34 crore on NSE.
The initial public offer of Data Patterns (India) Limited closed with 119.62 times subscription last week.
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The initial public offer had a fresh issue component of up to Rs 240 crore an offer-for-sale of up to 59,52,550 equity shares.
The price range for the offer was Rs 555-585 per share.
Data Patterns is backed by former Blackstone head Matthew Cyriac via Florintree Capital Partners LLP, which holds a 12.8 per cent stake in the company.
Founded by Srinivasagopalan Rangarajan and Rekha Murthy Rangarajan, Data Patterns is a vertically integrated defence and aerospace electronics solutions provider.
Its core competencies include design and development across electronic hardware, software, firmware, mechanical, product prototype besides its testing, validation, and verification.
Its involvement has been found across radars, underwater electronics/ communication, electronic warfare suites, avionics, small satellites, automated test equipment, and programmes catering to Tejas light combat aircraft, light utility helicopter, BrahMos, and other communication and electronic intelligence systems.
It had developed the first nanosatellite "NiUSAT", which thereafter was deployed in 2017. In addition, two more satellites are under progress, the draft papers noted.
Data Patterns works closely with the defence PSUs such as Hindustan Aeronautics Ltd and Bharat Electronics Ltd as well as government organisations involved in defence and space research like DRDO.
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