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 BSE.
The stock of the company, which is a specialist in defence and aerospace electronics system, listed at ₹864 apiece on BSE, a 48 percent premium over its issue price of ₹585. On the National Stock Exchange (NSE) too, it opened at ₹856.05, a premium of 46 per cent over its issue price.
However, the stock price of Data Patterns fell soon after its listing as trading trade was volatile amid rising number of Omicron variant cases, sell-off by FPIs and muted global cues. The stock closed at ₹754.85 apiece on BSE, 12.63 per cent lower from its listing price. It touched an intra-day low of ₹744.05.
On the BSE, 10.44 lakh shares, and on the NSE, about 1.35 crore shares changed hands.
Overwhelming response
The bumper listing of Data Patterns is not surprising given the overwhelming response it witnessed from all category ofi nvestors in the subscription stage.
Several brokerage houses gave ‘subscribe’ rating to the issue.
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.
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 for 23.14 times the shares reserved for them. Overall, the issue was subscribed 119.62 times.