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Chennai-based Data Patterns (India) made a stellar market debut on Friday listing at a premium of 48 per cent over its issue price on the Bombay Stock Exchange (BSE).
Stocks of the company, which is a specialist in defence and aerospace electronics system, listed with a premium of 48 per cent at ₹864 apiece on BSE, over its issue price of ₹585 per share. On the National Stock Exchange (NSE) too, it opened at .₹856.05, a premium of 46 per cent over its issue price.
The bumper listing of Data Patterns is not surprising given the overwhelming response it witnessed from all category investors and subscribed nearly 120 times.
Data Patterns’ initial public offering (IPO) comprised a fresh issue of shares worth ₹240 crore and an offer for sale (OFS) of 59.52 lakh equity shares by promoters and individual selling shareholders. The company had fixed a price band of ₹555-585 per share for its three-day IPO.
As against the offer of 70,97,285 equity shares, it received bids for 84,89,85,725 shares. While the non-institutional investors portion was subscribed 254.22 times, the portion 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.
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