Defence solutions major Data Patterns to raise Rs 588 crore via IPO

Open December 14-16 at a price band of Rs 555-585. IPO consists of fresh issue of Rs 240 crore and an OFS of Rs 348 crore, through which existing shareholders will offload 5.95 mn shares

Chennai-based Data Patterns India, a major defence and aerospace electronics solutions provider, is looking to raise Rs 588 crore through an initial public offering (IPO).

The IPO, opens between December 14-16, has a price band of Rs 555–585 per equity share. It consists of a fresh issue of Rs 240 crore and an offer for sale of Rs 348 crore, through which existing shareholders will offload 5.95 million equity shares.  

The company intends to utilise net proceeds from the fresh issue to the extent of Rs 60.80 crore for prepayment or repayment of outstanding borrowings availed by the company, Rs