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Paras Defence IPO subscribed 41x on day-2, Data Patterns files DRHP

Data Patterns (India) is looking to raise Rs 300 cr through its offer, which will also consist of secondary share sale between Rs 300-400 cr

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BS Reporter Mumbai
2 min read Last Updated : Sep 23 2021 | 1:51 AM IST
Paras Defence IPO subscribed 41x on day 2

The IPO of Paras Defence and Space Technologies was subscribed nearly 41 times on Wednesday, a day before its close. Bulk of the bids in the IPO have come from retail investors. The price band for the IPO is Rs 165-175 per share. At the top-end, Paras Defence will have a market capitalisation of Rs 683 crore on a post-diluted basis. The company’s IPO comprises Rs 140.6 crore fresh fund raise and Rs 30.2 crore secondary share sale. The company is engaged in manufacturing and testing of defence and space engineering products and solutions. For the year ended March 2021, Paras Defence had clocked net profit of Rs 16 crore on revenues of Rs 143 crore.

...Another defence sector firm files for IPO

Data Patterns (India), a supplier of electronic systems to defence and aerospace sector, has filed its draft red herring prospectus with market regulator Sebi. The company is looking to raise Rs 300 crore through the IPO, which will also consist of secondary share sale between Rs 300-400 crore. Former Blackstone head Matthew Cyriac’s Florintree Capital Partners holds a 12.8 per cent stake in the company. The Chennai-based firm intends to utilise the IPO proceeds for repayment of debt, funding its working capital and upgradation and expansion of its existing facilities besides general corporate purposes. Data Patterns works with defence sector firms such as Hindustan Aeronautics and Bharat Electronics as well as government organisations involved in defence and space research like DRDO.

Topics :IPOmarket capitalisation

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