Data Patterns IPO Subscribed 7.68 Times On Day 2
Get the latest subscription updates from the second day of Data Patterns IPO.
Retail investors led bidding for the shares of Data Patterns (India) Ltd. on the second day of its initial public offering.
The issue was fully subscribed within an hour of opening, and received bids amounting to 3.30 times the shares on offer on the first day.
The IPO comprises a fresh issue of Rs 240 crore and an offer for sale of 59.52 lakh shares by promoters and shareholders worth Rs 348.2 crore, according to the company’s red herring prospectus. The company is selling shares at Rs 555-585 apiece, pegging the market value at Rs 3,035.4 crore at the upper end.
The company plans to use the proceeds from the fresh issue to prepay or repay all or a portion of certain outstanding borrowings, fund working capital requirements, and to upgrade and expand existing facilities at Chennai.
Prior to the IPO, the defence and aerospace electronics solutions provider raised Rs 176 crore from anchor investors by allotting 30.2 lakh shares at Rs 585 apiece.
The issue will close on Dec. 16.
Subscription Details: Day 2
The IPO was subscribed 7.68 times as of 5 p.m. on Dec. 15.
Institutional investors: 0.92 times.
Non-institutional investors: 5.2 times.
Retail investors: 12.42 times.