Kochi: The initial public offering of Data Pattern (India) Ltd, a vertically integrated defence and aerospace electronics solutions provider catering to the indigenously developed defence products industry, which kicked off for subscription on Tuesday, December 14, saw strong institutional investor interest in the issue.
The offer received bids for 84,89,85,725 shares against the offered 70,97,285 equity shares, as per the 5:00 pm data available on the bourses.
The non-institutional investors portion was subscribed 254.22 times, while the part set aside for Qualified institutional buyers was subscribed 190.86 times. Retail investors had put in bid 23.14 times the shares reserved for them. Overall the issue was subscribed 119.62 times.
The primary offering is entirely an offer for sale (OFS) shares with a face value of Rs 2 each, in which its existing shareholders and promoters are offloading equity shares in the range of Rs 555 – 585 each.
The public issue comprises a fresh issue of Rs 240 crore and an offer for sale of 59,52,550 equity shares by promoter and individual selling shareholders. The OFS includes sale of up to 19,67,013 equity shares by Srnivasagopalan Rangarajan, up to 19,67,012 equity shares by Rekha Murthy Rangarajan, up to 75,000 equity shares by Sudhir Nathan, up to 4,14,775 equity shares by G.K. Vasundhara and up to 15,28,750 equity shares by existing shareholders.
Brokerage houses like Motilal Oswal Financial Services, ICICI Direct, Indsec Securities, Investmentz, Nirmal Bang, and Yes Securities etc. have given recommendations of "Subscribe" rating to the issue.
According to brokerage houses, Data Patterns has a proven track record of operational excellence as well as an order book that gives good visibility for the near term. With a robust order book of Rs. 581 Cr (2.6x FY21 revenue) and an order pipeline of Rs. 1500 Cr, the company is on track to deliver good growth in coming years. Even on historical basis, its growth has outperformed listed peers. Higher margins more than compensates for the lengthy working capital cycle resulting in satisfactory cash flow based ROCE at 36% over FY19-21.
JM Financial Limited, IIFL Securities Limited were the book running lead managers to the issue.
Company Information
Data Patterns core competencies include design and development across electronic hardware, software, firmware, mechanical, product prototype besides its testing, validation and verification. Its involvement has been across Radars, Underwater Electronics/Communication and Other Systems, Electronic Warfare Suites, Avionics, Small Satellites, Automated Test Equipment, COTS and programmes catering to Tejas Light Combat Aircraft, Light Utility Helicopter, BrahMos and other Communication and Electronic Intelligence Systems.
The company 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.
The company's order book has grown at a CAGR (compound annual growth rate) of 40.72 per cent over the last four years and as of Sep 2021 stood at Rs 581.3 crore.
For FY21, the company's revenue from operations was at Rs 226.55 crore against Rs 160.19 crore in the preceding fiscal year. Its net profit for the period stood at Rs 55.57 crore as compared to Rs 21.05 crore in 2019-20.
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DATA PATTERNS (INDIA) LIMITED Last updated on |
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|
Sr.No. |
Category |
No.of shares offered/reserved |
No. of shares bid for |
No. of times of total meant for the category |
|
1 |
Qualified Institutional Buyers (QIBs) |
19,58,847 |
37,38,56,275 |
190.86 |
|
1(a) |
Foreign Institutional Investors (FIIs) |
- |
8,66,58,175 |
- |
|
1(b) |
Domestic Financial Institutions(Banks/ Financial Institutions(FIs)/ Insurance Companies) |
- |
17,09,58,850 |
- |
|
1(c) |
Mutual Funds |
- |
2,41,15,050 |
- |
|
1(D) |
Others |
- |
9,21,24,200 |
- |
|
2 |
Non Institutional Investors |
15,41,532 |
39,18,89,825 |
254.22 |
|
2(a) |
Corporates |
- |
5,30,58,250 |
- |
|
2(b) |
Individuals (Other than RIIs) |
- |
32,44,03,125 |
- |
|
2(c) |
Others |
- |
1,44,28,450 |
- |
|
3 |
Retail Individual Investors (RIIs) |
35,96,906 |
8,32,39,625 |
23.14 |
|
3(a) |
Cut Off |
- |
6,34,36,850 |
- |
|
3(b) |
Price Bids |
- |
1,98,02,775 |
- |
|
4 |
Employee Reserved |
- |
- |
- |
|
4(a) |
Employee (Cut off) |
- |
- |
- |
|
4(b) |
Employee (Price) |
- |
- |
- |
|
5 |
Reservation PortionShareholder |
- |
- |
- |
|
5(a) |
RPS (Cut off) |
- |
- |
- |
|
5(b) |
RPS (Price) |
- |
- |
- |
|
Total |
70,97,285 |
84,89,85,725 |
119.62 |
|
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