Data Patterns IPO Subscription Status Day 1: Issue subscribed 3.3 times; retail portion filled 5.89 times

Data Patterns IPO was subscribed 3.3 times at 05:00 pm on the first day of the public offer on Tuesday. Against 70,97,285 reserved shares, the bids were made for 2,34,31,875 shares on Day 1. 

However, Retail Individual Investors (RIIs), which drew maximum traction on Tuesday, oversubscribed the quota reserved for retail investors within an hour. RIIs saw 5.89 times subscription around the same time.  

Not just retail investors, Non-Institutional Investors were also seen in action in this issue on the first day as NIIs quota was filled 1.46 times.

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The three-day share sale of supplier of electronic systems, which kick-started on Tuesday, will close on December 16, 2021.  

The company has fixed a price band of Rs 555-585 per share for its three-day IPO.  

Data Patterns IPO comprises a fresh issue of shares worth Rs 240 crore and an offer for sale (OFS) of 59.52 lakh equity shares by promoters and individual selling shareholders. The company is expected to fetch Rs 588.22 crore at the upper end of the price band.  

Ahead of the opening of the subscription by Data Patterns, Zee Business Managing Editor Anil Singhvi on Tuesday had recommended to apply for listing gain and with long-term time horizon.  

"We assign a “Subscribe” (With Caution) rating to this IPO as the company is one of the fastest-growing companies in the Defence and Aerospace Electronics sector. However, significant working capital requirements, client concentration, and promoter pledging keep us cautious from a long-term perspective, " said Marwadi shares and Finance Limited.  

Founded by Srinivasagopalan Rangarajan and Rekha Murthy Rangarajan, Data Patterns is a vertically integrated defence and aerospace electronics solutions provider that caters to requirements across space, air, land and the sea. The company caters to the entire spectrum of defence and aerospace platforms –space, air, land and sea and has end-to-end capabilities to build and deliver complete systems, with their design and manufacturing capabilities being completely in-house.